Norbord Inc. (OSB) Shares Sold by Lingohr & Partner Asset Management GmbH
Lingohr & Partner Asset Management GmbH decreased its position in shares of Norbord Inc. (NYSE:OSB) by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,346 shares of the construction company’s stock after selling 11,975 shares during the quarter. Norbord accounts for about 1.5% of Lingohr & Partner Asset Management GmbH’s holdings, making the stock its 11th biggest position. Lingohr & Partner Asset Management GmbH’s holdings in Norbord were worth $2,818,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Advisor Group Inc. lifted its stake in Norbord by 5,212.7% in the 3rd quarter. Advisor Group Inc. now owns 2,922 shares of the construction company’s stock valued at $111,000 after buying an additional 2,867 shares in the last quarter. Legal & General Group Plc lifted its stake in Norbord by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after buying an additional 198 shares in the last quarter. Shell Asset Management Co. lifted its stake in Norbord by 51.2% in the 3rd quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock valued at $143,000 after buying an additional 2,109 shares in the last quarter. Parametric Portfolio Associates LLC purchased a new stake in Norbord in the 2nd quarter valued at approximately $205,000. Finally, Comerica Bank purchased a new stake in Norbord in the 2nd quarter valued at approximately $233,000. 78.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of Norbord Inc. (NYSE OSB) traded up $0.81 during trading hours on Friday, hitting $35.24. 142,500 shares of the company’s stock traded hands, compared to its average volume of 143,267. Norbord Inc. has a 12 month low of $23.68 and a 12 month high of $41.88. The firm has a market capitalization of $2,974.75, a price-to-earnings ratio of 9.04, a P/E/G ratio of 1.11 and a beta of 3.66. The company has a quick ratio of 1.15, a current ratio of 1.83 and a debt-to-equity ratio of 0.61.
Norbord declared that its board has approved a share buyback plan on Friday, October 27th that authorizes the company to buyback 5,140,000 outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Friday, December 1st were paid a $0.467 dividend. The ex-dividend date was Thursday, November 30th. This represents a $1.87 annualized dividend and a dividend yield of 5.30%. This is a positive change from Norbord’s previous quarterly dividend of $0.40. Norbord’s dividend payout ratio (DPR) is presently 48.21%.
A number of research firms have recently commented on OSB. CIBC downgraded Norbord from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 25th. BMO Capital Markets cut shares of Norbord from a “market perform” rating to an “underperform” rating and upped their price objective for the company from $31.00 to $32.00 in a research report on Friday, September 29th. They noted that the move was a valuation call. Bank of America assumed coverage on shares of Norbord in a research report on Monday, October 2nd. They issued a “sell” rating and a $41.00 price objective for the company. TD Securities cut shares of Norbord from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Finally, Zacks Investment Research raised shares of Norbord from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Friday, October 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $41.60.
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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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