Norbord (NYSE:OSB) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued on Monday, MarketBeat.com reports. The brokerage currently has a $35.00 price target on the construction company’s stock. Bank of America’s price objective would indicate a potential upside of 28.16% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of Norbord from a “hold” rating to a “strong sell” rating in a report on Saturday, October 6th. ValuEngine lowered shares of Norbord from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Vertical Research raised shares of Norbord from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. BMO Capital Markets raised shares of Norbord from an “underperform” rating to a “market perform” rating and set a $26.00 price target on the stock in a report on Monday, October 22nd. Finally, Seaport Global Securities initiated coverage on shares of Norbord in a report on Tuesday, October 23rd. They issued a “buy” rating and a $32.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $39.38.
Shares of NYSE:OSB opened at $27.31 on Monday. The firm has a market capitalization of $2.46 billion, a PE ratio of 6.08, a P/E/G ratio of 1.07 and a beta of 2.65. Norbord has a one year low of $24.29 and a one year high of $45.45. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.27 and a current ratio of 2.00.
Norbord (NYSE:OSB) last issued its quarterly earnings results on Thursday, November 1st. The construction company reported $1.41 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.34. The firm had revenue of $640.00 million for the quarter, compared to analyst estimates of $586.42 million. Norbord had a net margin of 22.19% and a return on equity of 46.76%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 EPS. Research analysts expect that Norbord will post 4.4 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in shares of Norbord by 0.3% during the 2nd quarter. Renaissance Technologies LLC now owns 410,600 shares of the construction company’s stock valued at $16,884,000 after purchasing an additional 1,400 shares during the last quarter. AMP Capital Investors Ltd grew its holdings in shares of Norbord by 8.0% during the 2nd quarter. AMP Capital Investors Ltd now owns 28,254 shares of the construction company’s stock valued at $1,161,000 after purchasing an additional 2,100 shares during the last quarter. Intercontinental Wealth Advisors LLC grew its holdings in shares of Norbord by 38.5% during the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 9,810 shares of the construction company’s stock valued at $325,000 after purchasing an additional 2,728 shares during the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of Norbord by 32.4% during the 2nd quarter. Institute for Wealth Management LLC. now owns 13,706 shares of the construction company’s stock valued at $551,000 after purchasing an additional 3,352 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Norbord by 34.9% during the 2nd quarter. Voya Investment Management LLC now owns 12,964 shares of the construction company’s stock valued at $533,000 after purchasing an additional 3,353 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.
Norbord Company Profile
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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