Norbord Inc. (OSB) Earns Sell Rating from Analysts at Bank of America Corporation
Bank of America Corporation started coverage on shares of Norbord Inc. (NYSE:OSB) in a research note published on Monday. The brokerage issued a sell rating and a $41.00 target price on the construction company’s stock.
OSB has been the subject of a number of other reports. BMO Capital Markets downgraded Norbord from a market perform rating to an underperform rating and upped their price target for the company from $31.00 to $32.00 in a report on Friday, September 29th. They noted that the move was a valuation call. CIBC downgraded Norbord from a sector outperform rating to a sector perform rating in a report on Monday, September 25th. Scotiabank reaffirmed a buy rating and issued a $44.25 price target on shares of Norbord in a report on Tuesday, August 29th. ValuEngine raised Norbord from a buy rating to a strong-buy rating in a report on Friday, June 30th. Finally, Credit Suisse Group raised Norbord from a neutral rating to an outperform rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $38.05.
Norbord (NYSE OSB) opened at 39.59 on Monday. Norbord has a 12 month low of $21.40 and a 12 month high of $41.88. The company has a 50 day moving average of $39.04 and a 200 day moving average of $39.04. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 13.02 and a beta of 4.01.
Norbord (NYSE:OSB) last announced its quarterly earnings results on Friday, July 28th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.01). The business had revenue of $536.00 million during the quarter. Norbord had a net margin of 13.52% and a return on equity of 37.87%. On average, equities analysts predict that Norbord will post $4.08 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Friday, September 1st were paid a $0.398 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $1.59 dividend on an annualized basis and a yield of 4.02%. This is a boost from Norbord’s previous quarterly dividend of $0.22. Norbord’s payout ratio is currently 52.30%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc lifted its stake in Norbord by 4.2% in the second quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after buying an additional 198 shares during the last quarter. Parametric Portfolio Associates LLC purchased a new stake in Norbord in the second quarter valued at approximately $205,000. Comerica Bank purchased a new stake in Norbord in the second quarter valued at approximately $233,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Norbord in the first quarter valued at approximately $204,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Norbord in the second quarter valued at approximately $260,000. Institutional investors own 80.86% of the company’s stock.
Norbord Inc manufactures and sells wood-based panels for retail chains, contractor supply yards, and industrial customers primarily in North America and Europe. The company offers oriented strand boards for use in sheathing, flooring, and roofing in home construction applications; particleboards that are used in flooring and other construction applications; and medium density fiberboards for use in cabinet doors, mouldings, and interior wall paneling applications, as well as related value-added products for use in the construction of new homes, and renovation and repair of existing structures.
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