Norbord (OSB) Stock Rating Lowered by Zacks Investment Research

Norbord (NYSE:OSB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Norbord Inc. is a producer of wood-based panels. It operates primarily in the United States, Europe and Canada. Norbord Inc. is headquartered in Toronto, Canada. “

OSB has been the subject of several other research reports. TD Securities upped their target price on Norbord from $38.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, February 5th. ValuEngine raised Norbord from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. Bank of America set a $31.00 target price on Norbord and gave the stock a “sell” rating in a research report on Wednesday, January 24th. Finally, Scotiabank reaffirmed a “buy” rating and issued a $55.00 target price on shares of Norbord in a research report on Tuesday, November 14th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Norbord presently has a consensus rating of “Hold” and a consensus price target of $40.00.

Shares of Norbord (NYSE OSB) opened at $35.03 on Thursday. Norbord has a 1 year low of $27.00 and a 1 year high of $41.88. The company has a quick ratio of 1.15, a current ratio of 1.83 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $3,078.43, a PE ratio of 7.95, a PEG ratio of 1.14 and a beta of 3.38.

Norbord (NYSE:OSB) last issued its earnings results on Friday, February 2nd. The construction company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.03. Norbord had a return on equity of 45.78% and a net margin of 20.03%. The company had revenue of $596.00 million during the quarter. research analysts expect that Norbord will post 3.63 EPS for the current fiscal year.

Norbord declared that its Board of Directors has approved 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in Norbord by 114.5% in the second quarter. JPMorgan Chase & Co. now owns 50,868 shares of the construction company’s stock valued at $1,584,000 after purchasing an additional 27,155 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Norbord by 38.6% in the second quarter. Goldman Sachs Group Inc. now owns 35,269 shares of the construction company’s stock valued at $1,098,000 after purchasing an additional 9,829 shares during the last quarter. Schroder Investment Management Group purchased a new position in Norbord in the third quarter valued at about $4,876,000. Scotia Capital Inc. boosted its holdings in Norbord by 103.4% in the second quarter. Scotia Capital Inc. now owns 107,433 shares of the construction company’s stock valued at $3,336,000 after purchasing an additional 54,604 shares during the last quarter. Finally, Intact Investment Management Inc. boosted its holdings in Norbord by 110.1% in the third quarter. Intact Investment Management Inc. now owns 211,200 shares of the construction company’s stock valued at $10,032,000 after purchasing an additional 110,700 shares during the last quarter. 79.87% of the stock is owned by hedge funds and other institutional investors.

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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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