Shares of Norbord Inc. (NYSE:OSB) have earned a consensus rating of “Buy” from the ten analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation, three have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $39.45.
Several equities analysts have commented on the stock. Bank of America Corporation assumed coverage on shares of Norbord in a research note on Monday, October 2nd. They issued a “sell” rating and a $41.00 price target for the company. Credit Suisse Group raised shares of Norbord from a “neutral” rating to an “outperform” rating in a research report on Monday, July 31st. BMO Capital Markets cut shares of Norbord from a “market perform” rating to an “underperform” rating and lifted their price objective for the stock from $31.00 to $32.00 in a research report on Friday, September 29th. They noted that the move was a valuation call. Vertical Research cut shares of Norbord from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. Finally, TD Securities lifted their price objective on shares of Norbord from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, July 31st.
Norbord (NYSE:OSB) last posted its quarterly earnings results on Friday, October 27th. The construction company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.02. The business had revenue of $578.00 million during the quarter. Norbord had a net margin of 16.33% and a return on equity of 45.17%.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Friday, December 1st will be given a dividend of $0.467 per share. This is a boost from Norbord’s previous quarterly dividend of $0.40. This represents a $1.87 annualized dividend and a dividend yield of 5.18%. The ex-dividend date is Thursday, November 30th. Norbord’s payout ratio is 40.77%.
Norbord announced that its board has initiated a stock buyback program on Friday, October 27th that permits the company to buyback 5,140,000 shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc lifted its position in Norbord by 4.2% in the second 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 last quarter. Shell Asset Management Co. lifted its position in Norbord by 51.2% in the third 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 last quarter. Parametric Portfolio Associates LLC purchased a new stake in Norbord in the second quarter valued at $205,000. Comerica Bank purchased a new stake in Norbord in the second quarter valued at $233,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Norbord in the second quarter valued at $260,000. 81.59% of the stock is owned by hedge funds and other institutional investors.
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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