Lingohr & Partner Asset Management GmbH decreased its stake in Norbord Inc. (NYSE:OSB) by 22.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,321 shares of the construction company’s stock after selling 27,900 shares during the period. Norbord comprises about 1.8% of Lingohr & Partner Asset Management GmbH’s investment portfolio, making the stock its 9th biggest position. Lingohr & Partner Asset Management GmbH owned 0.11% of Norbord worth $3,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of OSB. Legal & General Group Plc boosted its position in Norbord by 4.2% during the 2nd 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 period. Shell Asset Management Co. boosted its position in Norbord by 51.2% during the 3rd quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock valued at $143,000 after buying an additional 2,109 shares during the period. Parametric Portfolio Associates LLC purchased a new stake in Norbord during the 2nd quarter valued at $205,000. Comerica Bank purchased a new stake in Norbord during the 2nd quarter valued at $233,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Norbord during the 2nd quarter valued at $260,000. 81.36% of the stock is currently owned by hedge funds and other institutional investors.
OSB has been the subject of several analyst reports. Scotiabank reissued a “buy” rating and set a $44.25 price target on shares of Norbord in a research report on Tuesday, August 29th. BMO Capital Markets cut shares of Norbord from a “market perform” rating to an “underperform” rating and increased their price target 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 cut shares of Norbord from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, September 25th. TD Securities cut shares of Norbord from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Finally, Vertical Research cut shares of Norbord from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $39.45.
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Norbord Inc. (NYSE:OSB) traded down $0.80 during trading hours on Friday, hitting $35.23. 125,500 shares of the stock traded hands, compared to its average volume of 170,461. Norbord Inc. has a 12-month low of $21.40 and a 12-month high of $41.88. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.15 and a current ratio of 1.83. The stock has a market cap of $3,043.87, a PE ratio of 9.50 and a beta of 3.87.
Norbord (NYSE:OSB) last posted its 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. Norbord had a net margin of 16.33% and a return on equity of 42.38%. The firm had revenue of $578.00 million during the quarter. equities research analysts expect that Norbord Inc. will post 4.53 earnings per share for the current fiscal year.
Norbord declared that its Board of Directors has initiated a share repurchase plan on Friday, October 27th that allows the company to buyback 5,140,000 shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Friday, December 1st will be given a $0.467 dividend. This represents a $1.87 annualized dividend and a dividend yield of 5.30%. This is a boost from Norbord’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, November 30th. Norbord’s dividend payout ratio (DPR) is currently 40.77%.
Norbord Company Profile
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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