CIBC Asset Management Inc Has $889,000 Holdings in Norbord Inc. (OSB)

CIBC Asset Management Inc cut its position in shares of Norbord Inc. (NYSE:OSB) by 52.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,163 shares of the construction company’s stock after selling 29,043 shares during the period. CIBC Asset Management Inc’s holdings in Norbord were worth $889,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Legal & General Group Plc raised its stake in Norbord by 4.2% during the second quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock worth $152,000 after purchasing an additional 198 shares during the period. Shell Asset Management Co. raised its stake in shares of 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. K.J. Harrison & Partners Inc raised its stake in shares of Norbord by 6.5% in the 4th quarter. K.J. Harrison & Partners Inc now owns 45,000 shares of the construction company’s stock valued at $1,530,000 after acquiring an additional 2,743 shares during the period. Advisor Group Inc. raised its stake in shares of 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. Finally, Advisors Asset Management Inc. raised its stake in shares of Norbord by 15.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 21,206 shares of the construction company’s stock valued at $808,000 after acquiring an additional 2,887 shares during the period. 79.17% of the stock is currently owned by institutional investors.

Shares of Norbord Inc. (OSB) opened at $35.77 on Tuesday. The stock has a market cap of $3,026.59, a P/E ratio of 7.07, a PEG ratio of 1.12 and a beta of 3.38. Norbord Inc. has a 52 week low of $27.00 and a 52 week high of $41.88. The company has a quick ratio of 1.20, a current ratio of 1.83 and a debt-to-equity ratio of 0.54.

Norbord (NYSE:OSB) last released its quarterly earnings results on Friday, February 2nd. The construction company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.03. The business had revenue of $596.00 million for the quarter. Norbord had a net margin of 20.03% and a return on equity of 45.78%. sell-side analysts anticipate that Norbord Inc. will post 3.63 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Thursday, March 1st will be issued a $0.4862 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 5.44%. This is a boost from Norbord’s previous quarterly dividend of $0.47. Norbord’s payout ratio is 37.45%.

Norbord declared that its Board of Directors has authorized a share repurchase plan on Friday, October 27th that allows the company to repurchase 5,140,000 shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

A number of equities research analysts have recently issued reports on OSB shares. TD Securities reduced their price target on shares of Norbord from $43.00 to $39.00 and set a “hold” rating on the stock in a research note on Monday, October 30th. Scotiabank reissued a “buy” rating and issued a $55.00 price target on shares of Norbord in a research note on Tuesday, November 14th. Zacks Investment Research raised shares of Norbord from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Friday, October 27th. Bank of America set a $31.00 price target on shares of Norbord and gave the company a “sell” rating in a research note on Wednesday, January 24th. Finally, ValuEngine raised shares of Norbord from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Norbord currently has an average rating of “Hold” and an average target price of $40.00.

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About Norbord

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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Institutional Ownership by Quarter for Norbord (NYSE:OSB)

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