Norbord Inc. (OSB) Holdings Cut by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company lowered its stake in shares of Norbord Inc. (NYSE:OSB) by 4.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,908 shares of the construction company’s stock after selling 1,586 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Norbord were worth $1,085,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in OSB. Legal & General Group Plc lifted its holdings in shares of Norbord by 4.2% during the second quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock worth $152,000 after buying an additional 198 shares during the last quarter. Parametric Portfolio Associates LLC acquired a new position in shares of Norbord during the second quarter worth approximately $205,000. Comerica Bank acquired a new position in shares of Norbord during the second quarter worth approximately $233,000. Dimensional Fund Advisors LP acquired a new position in shares of Norbord during the second quarter worth approximately $260,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of Norbord during the second quarter worth approximately $284,000. 81.50% of the stock is owned by hedge funds and other institutional investors.
Norbord Inc. (NYSE:OSB) opened at $35.23 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.83 and a quick ratio of 1.15. The company has a market capitalization of $3,043.87, a price-to-earnings ratio of 9.50 and a beta of 3.87. Norbord Inc. has a 12 month low of $21.40 and a 12 month high of $41.88.
Norbord (NYSE:OSB) last issued its earnings results on Friday, October 27th. The construction company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. The business had revenue of $578.00 million during the quarter. Norbord had a return on equity of 42.38% and a net margin of 16.33%. research analysts predict that Norbord Inc. will post 4.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Friday, December 1st will be paid a $0.467 dividend. This represents a $1.87 dividend on an annualized basis and a dividend yield of 5.30%. This is a positive change from Norbord’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, November 30th. Norbord’s dividend payout ratio is presently 40.77%.
Norbord declared that its Board of Directors has approved a share repurchase plan on Friday, October 27th that permits the company to repurchase 5,140,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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A number of brokerages have recently commented on OSB. TD Securities cut their price target on Norbord from $43.00 to $39.00 and set a “hold” rating for the company in a report on Monday, October 30th. Zacks Investment Research upgraded Norbord from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Friday, October 27th. Bank of America Corporation began coverage on Norbord in a report on Monday, October 2nd. They set a “sell” rating and a $41.00 price target for the company. BMO Capital Markets lowered Norbord from a “market perform” rating to an “underperform” rating and upped their price target for the stock from $31.00 to $32.00 in a report on Friday, September 29th. They noted that the move was a valuation call. Finally, CIBC lowered Norbord from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. Norbord currently has a consensus rating of “Buy” and an average price target of $39.45.
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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