TD Asset Management Inc. cut its position in Norbord Inc (NYSE:OSB) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 892,364 shares of the construction company’s stock after selling 39,139 shares during the period. TD Asset Management Inc. owned 1.03% of Norbord worth $29,548,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of OSB. BlackRock Inc. grew its stake in shares of Norbord by 10.9% in the 1st quarter. BlackRock Inc. now owns 42,230 shares of the construction company’s stock valued at $1,534,000 after buying an additional 4,134 shares during the period. Guggenheim Capital LLC acquired a new position in Norbord during the 1st quarter valued at about $1,595,000. Addenda Capital Inc. boosted its stake in Norbord by 131.7% during the 2nd quarter. Addenda Capital Inc. now owns 69,900 shares of the construction company’s stock valued at $2,726,000 after purchasing an additional 39,730 shares during the last quarter. Bank of Montreal Can boosted its stake in Norbord by 4.2% during the 2nd quarter. Bank of Montreal Can now owns 504,520 shares of the construction company’s stock valued at $20,745,000 after purchasing an additional 20,239 shares during the last quarter. Finally, James Investment Research Inc. boosted its stake in Norbord by 11.2% during the 2nd quarter. James Investment Research Inc. now owns 68,777 shares of the construction company’s stock valued at $2,828,000 after purchasing an additional 6,930 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.
OSB stock opened at $26.80 on Friday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 5.97, a P/E/G ratio of 1.08 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.00 and a quick ratio of 1.27. Norbord Inc has a 52-week low of $24.29 and a 52-week high of $45.45.
Norbord (NYSE:OSB) last released its quarterly earnings results on Thursday, November 1st. The construction company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.34. Norbord had a return on equity of 46.76% and a net margin of 22.19%. The business had revenue of $640.00 million during the quarter, compared to the consensus estimate of $586.42 million. During the same quarter in the previous year, the business earned $1.50 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts forecast that Norbord Inc will post 4.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Saturday, December 1st will be given a dividend of $0.456 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.82 annualized dividend and a dividend yield of 6.81%. Norbord’s dividend payout ratio is currently 306.68%.
OSB has been the subject of a number of analyst reports. Vertical Research upgraded Norbord from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Zacks Investment Research downgraded Norbord from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 6th. ValuEngine downgraded Norbord from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Seaport Global Securities initiated coverage on Norbord in a research note on Tuesday, October 23rd. They set a “buy” rating and a $32.00 price target for the company. Finally, TD Securities upgraded Norbord from a “hold” rating to a “buy” rating and lifted their price target for the company from $31.00 to $33.00 in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Norbord currently has an average rating of “Hold” and an average target price of $39.38.
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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