Norbord (NYSE:OSB) Lifted to “Hold” at Zacks Investment Research
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. “
A number of other research analysts have also commented on the stock. BMO Capital Markets restated a hold rating and issued a $9.50 price objective on shares of Vicon Industries in a research note on Friday, June 14th. TheStreet lowered shares of Twin Disc from a b- rating to a c+ rating in a research note on Tuesday, June 11th. Royal Bank of Canada restated a sector perform rating and issued a GBX 485 ($6.34) price objective on shares of in a research note on Tuesday, July 9th. CIBC lifted their price objective on shares of Stella-Jones from C$51.00 to C$53.00 in a research note on Tuesday, May 7th. Finally, Raymond James set a $60.00 price objective on shares of Banner and gave the company a buy rating in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $36.29.
Norbord (NYSE:OSB) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). Norbord had a net margin of 11.92% and a return on equity of 32.42%. The company had revenue of $476.00 million during the quarter, compared to analysts’ expectations of $462.00 million. On average, analysts anticipate that Norbord will post 1.66 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Saturday, June 1st were paid a $0.299 dividend. The ex-dividend date was Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a yield of 5.08%. Norbord’s dividend payout ratio is presently 25.00%.
Several institutional investors have recently modified their holdings of the company. Letko Brosseau & Associates Inc. increased its stake in shares of Norbord by 0.9% during the first quarter. Letko Brosseau & Associates Inc. now owns 5,223,949 shares of the construction company’s stock worth $143,977,000 after acquiring an additional 46,005 shares during the period. Norges Bank purchased a new stake in Norbord during the fourth quarter worth about $37,815,000. TD Asset Management Inc. boosted its holdings in Norbord by 21.1% during the first quarter. TD Asset Management Inc. now owns 806,301 shares of the construction company’s stock worth $22,222,000 after buying an additional 140,535 shares in the last quarter. Pictet Asset Management Ltd. boosted its holdings in Norbord by 13.3% during the first quarter. Pictet Asset Management Ltd. now owns 720,784 shares of the construction company’s stock worth $19,866,000 after buying an additional 84,467 shares in the last quarter. Finally, APG Asset Management N.V. boosted its holdings in Norbord by 25.0% during the fourth quarter. APG Asset Management N.V. now owns 701,000 shares of the construction company’s stock worth $16,298,000 after buying an additional 140,300 shares in the last quarter. Institutional investors and hedge funds own 79.10% of the company’s stock.
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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