Zacks Investment Research Downgrades Norbord (OSB) to Hold

Norbord (NYSE:OSB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Saturday, December 30th.

According to Zacks, “Norbord Inc. is a producer of wood-based panels. It operates primarily in the United States, Europe and Canada. Norbord Inc. is headquartered in Toronto, Canada. “

Other analysts also recently issued research reports about the stock. Scotiabank reissued a “buy” rating and issued a $55.00 price objective on shares of Norbord in a report on Tuesday, November 14th. TD Securities cut their price objective on shares of Norbord from $43.00 to $39.00 and set a “hold” rating for the company in a report on Monday, October 30th. CIBC downgraded shares of Norbord from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 25th. Bank of America assumed coverage on shares of Norbord in a report on Monday, October 2nd. They set a “sell” rating and a $41.00 price target for the company. Finally, BMO Capital Markets downgraded shares of Norbord from a “market perform” rating to an “underperform” rating and upped their price target for the stock from $31.00 to $32.00 in a report on Friday, September 29th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Norbord currently has an average rating of “Hold” and a consensus price target of $41.60.

Norbord (NYSE OSB) opened at $34.24 on Friday. Norbord has a 52 week low of $23.68 and a 52 week high of $41.88. The company has a market cap of $2,954.88, a PE ratio of 8.78, a P/E/G ratio of 1.10 and a beta of 3.66. The company has a quick ratio of 1.15, a current ratio of 1.83 and a debt-to-equity ratio of 0.61.

Norbord (NYSE:OSB) last announced its quarterly earnings results on Friday, October 27th. The construction company reported $1.39 EPS for the quarter, beating the Zacks’ 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 business had revenue of $578.00 million for the quarter. equities analysts forecast that Norbord will post 4.45 earnings per share for the current year.

Norbord declared that its board has initiated a share buyback program on Friday, October 27th that authorizes the company to buyback 5,140,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. increased its position in Norbord by 5,212.7% in the 3rd quarter. Advisor Group Inc. now owns 2,922 shares of the construction company’s stock valued at $111,000 after acquiring an additional 2,867 shares during the period. Legal & General Group Plc increased its position in Norbord by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after acquiring an additional 198 shares during the period. Shell Asset Management Co. increased its position in Norbord by 51.2% in the 3rd quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock valued at $143,000 after acquiring an additional 2,109 shares during the period. Parametric Portfolio Associates LLC acquired a new position in Norbord in the 2nd quarter valued at approximately $205,000. Finally, Comerica Bank acquired a new position in Norbord in the 2nd quarter valued at approximately $233,000. Institutional investors and hedge funds own 78.77% of the company’s stock.

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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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