Norbord Inc (OSB) Raises Dividend to $3.46 Per Share
Norbord Inc (NYSE:OSB) declared a quarterly dividend on Thursday, August 2nd, Zacks reports. Investors of record on Saturday, September 1st will be paid a dividend of 3.459 per share by the construction company on Friday, September 21st. This represents a $13.84 annualized dividend and a yield of 32.76%. The ex-dividend date is Thursday, August 30th. This is an increase from Norbord’s previous quarterly dividend of $0.47.
Norbord has a payout ratio of 315.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Norbord to earn $5.00 per share next year, which means the company may not be able to cover its $18.00 annual dividend with an expected future payout ratio of 360.0%.
OSB stock traded up $0.33 during midday trading on Friday, hitting $42.23. The stock had a trading volume of 191,486 shares, compared to its average volume of 181,988. The stock has a market cap of $3.72 billion, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 1.25 and a beta of 2.20. Norbord has a 52 week low of $32.22 and a 52 week high of $45.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.69 and a quick ratio of 1.83.
A number of research analysts have issued reports on OSB shares. Zacks Investment Research raised Norbord from a “hold” rating to a “strong-buy” rating and set a $44.00 price objective for the company in a report on Saturday, July 21st. Bank of America lifted their price objective on Norbord from $34.00 to $35.00 and gave the company an “underperform” rating in a report on Friday, May 4th. Credit Suisse Group cut Norbord from an “outperform” rating to a “hold” rating and set a $54.00 price objective for the company. in a report on Tuesday, May 1st. ValuEngine cut Norbord from a “hold” rating to a “sell” rating in a report on Monday, July 30th. Finally, Buckingham Research lifted their price objective on Norbord to $36.00 and gave the company a “neutral” rating in a report on Monday, May 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $42.29.
An institutional investor recently raised its position in Norbord stock. Bank of New York Mellon Corp grew its holdings in Norbord Inc (NYSE:OSB) by 120.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,629 shares of the construction company’s stock after buying an additional 23,305 shares during the quarter. Bank of New York Mellon Corp’s holdings in Norbord were worth $1,753,000 at the end of the most recent reporting period. Institutional investors own 77.42% 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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