Advisors Asset Management Inc. decreased its holdings in Norbord Inc (NYSE:OSB) by 14.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,415 shares of the construction company’s stock after selling 4,184 shares during the period. Advisors Asset Management Inc.’s holdings in Norbord were worth $1,045,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in OSB. Highstreet Asset Management Inc. lifted its holdings in shares of Norbord by 2,025.7% in the 2nd quarter. Highstreet Asset Management Inc. now owns 4,294 shares of the construction company’s stock valued at $177,000 after acquiring an additional 4,092 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Norbord in the 2nd quarter valued at about $264,000. Intercontinental Wealth Advisors LLC purchased a new stake in Norbord in the 2nd quarter worth about $291,000. Tower Research Capital LLC TRC raised its position in Norbord by 128.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,324 shares of the construction company’s stock worth $466,000 after purchasing an additional 6,372 shares during the period. Finally, Voya Investment Management LLC raised its position in Norbord by 34.9% in the 2nd quarter. Voya Investment Management LLC now owns 12,964 shares of the construction company’s stock worth $533,000 after purchasing an additional 3,353 shares during the period. 76.91% of the stock is owned by hedge funds and other institutional investors.
OSB has been the topic of a number of recent analyst reports. Vertical Research raised shares of Norbord from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Zacks Investment Research lowered shares of Norbord from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 6th. ValuEngine lowered shares of Norbord from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Seaport Global Securities initiated coverage on shares of Norbord in a research report on Tuesday, October 23rd. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, TD Securities raised shares of Norbord from a “hold” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $33.00 in a research report on Friday. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $39.38.
Norbord stock opened at $28.29 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.83 and a current ratio of 2.69. Norbord Inc has a 1-year low of $24.29 and a 1-year high of $45.45. The stock has a market capitalization of $2.14 billion, a P/E ratio of 6.30, a PEG ratio of 0.90 and a beta of 2.40.
Norbord (NYSE:OSB) last posted its quarterly earnings data on Thursday, November 1st. The construction company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.34. Norbord had a net margin of 22.75% and a return on equity of 48.17%. The company had revenue of $640.00 million for the quarter, compared to analyst estimates of $586.42 million. During the same period in the prior year, the company posted $1.50 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts expect that Norbord Inc will post 4.2 EPS for the current fiscal year.
Norbord Inc manufactures and sells wood-based panels for retail chains, contractor supply yards, and industrial manufacturers 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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