Greystone Managed Investments Inc. maintained its stake in Norbord Inc. (NYSE:OSB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 146,435 shares of the construction company’s stock at the end of the second quarter. Greystone Managed Investments Inc. owned 0.17% of Norbord worth $4,552,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC raised its stake in shares of Norbord by 229.0% in the second quarter. Acadian Asset Management LLC now owns 804,725 shares of the construction company’s stock valued at $25,012,000 after buying an additional 560,125 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Norbord by 1,024.1% in the second quarter. Russell Investments Group Ltd. now owns 65,199 shares of the construction company’s stock valued at $2,026,000 after buying an additional 59,399 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Norbord during the first quarter valued at approximately $969,000. Highbridge Capital Management LLC acquired a new stake in shares of Norbord during the first quarter valued at approximately $287,000. Finally, Bank of America Corp DE raised its stake in shares of Norbord by 67.3% in the first quarter. Bank of America Corp DE now owns 18,340 shares of the construction company’s stock valued at $523,000 after buying an additional 7,380 shares during the last quarter. 28.51% of the stock is currently owned by institutional investors.
Shares of Norbord Inc. (NYSE:OSB) opened at 32.44 on Friday. The stock has a market cap of $2.79 billion, a P/E ratio of 10.67 and a beta of 3.95. Norbord Inc. has a 52-week low of $21.40 and a 52-week high of $35.65. The firm has a 50-day moving average price of $32.73 and a 200-day moving average price of $29.94.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, September 1st will be given a $0.398 dividend. This is a positive change from Norbord’s previous quarterly dividend of $0.22. This represents a $1.59 annualized dividend and a dividend yield of 4.91%. The ex-dividend date is Wednesday, August 30th. Norbord’s dividend payout ratio (DPR) is 28.95%.
Several analysts have commented on the company. TD Securities raised their price objective on Norbord from $37.00 to $38.00 and gave the company a “buy” rating in a report on Monday, July 31st. BMO Capital Markets lifted their price target on Norbord from $28.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday, July 31st. Credit Suisse Group raised Norbord from a “neutral” rating to an “outperform” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded Norbord from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, ValuEngine upgraded Norbord from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 30th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $35.00.
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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