Norbord Inc. (NYSE:OSB) had its target price reduced by TD Securities from $43.00 to $39.00 in a research report sent to investors on Monday morning. They currently have a hold rating on the construction company’s stock.
Several other research analysts also recently commented on the stock. Scotiabank reaffirmed a buy rating and issued a $44.25 price target on shares of Norbord in a research note on Tuesday, August 29th. Zacks Investment Research downgraded shares of Norbord from a strong-buy rating to a hold rating in a research report on Wednesday, July 12th. BMO Capital Markets downgraded shares of Norbord from a market perform rating to an underperform rating and raised their target price for the company from $31.00 to $32.00 in a research report on Friday, September 29th. They noted that the move was a valuation call. CIBC downgraded shares of Norbord from a sector outperform rating to a sector perform rating in a research report on Monday, September 25th. Finally, Vertical Research downgraded shares of Norbord from a buy rating to a hold rating in a research report on Tuesday, August 29th. Two analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $39.45.
Norbord (OSB) traded down 0.14% during midday trading on Monday, reaching $36.05. 158,457 shares of the company traded hands. Norbord has a one year low of $21.40 and a one year high of $41.88. The company has a 50 day moving average price of $38.63 and a 200-day moving average price of $33.24. The stock has a market capitalization of $3.10 billion, a P/E ratio of 11.86 and a beta of 4.01.
Norbord (NYSE:OSB) last posted its quarterly earnings results on Friday, October 27th. The construction company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.02. The company had revenue of $578.00 million for the quarter. Norbord had a net margin of 16.33% and a return on equity of 45.17%. Analysts forecast that Norbord will post $4.22 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Friday, December 1st will be given a dividend of $0.467 per share. This is an increase from Norbord’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, November 30th. This represents a $1.87 dividend on an annualized basis and a yield of 5.18%. Norbord’s dividend payout ratio (DPR) is 40.77%.
Norbord declared that its board has approved a share repurchase plan on Friday, October 27th that allows the company to buyback 5,140,000 outstanding shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of OSB. Acadian Asset Management LLC increased its position in Norbord by 229.0% during the 2nd quarter. Acadian Asset Management LLC now owns 804,725 shares of the construction company’s stock valued at $25,012,000 after purchasing an additional 560,125 shares during the period. FMR LLC boosted its holdings in shares of Norbord by 6.7% in the 2nd quarter. FMR LLC now owns 6,510,360 shares of the construction company’s stock valued at $202,671,000 after buying an additional 410,550 shares in the last quarter. CIBC World Markets Inc. boosted its holdings in shares of Norbord by 214.5% in the 2nd quarter. CIBC World Markets Inc. now owns 390,818 shares of the construction company’s stock valued at $12,170,000 after buying an additional 266,552 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Norbord by 10.1% in the 2nd quarter. Royal Bank of Canada now owns 2,073,664 shares of the construction company’s stock valued at $64,573,000 after buying an additional 189,967 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Norbord by 243.1% in the 1st quarter. Morgan Stanley now owns 173,402 shares of the construction company’s stock valued at $4,944,000 after buying an additional 122,868 shares in the last quarter. 81.59% of the stock is currently owned by institutional investors and hedge funds.
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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