Royal Bank of Canada Has $64.57 Million Holdings in Norbord Inc. (OSB)
Royal Bank of Canada raised its position in shares of Norbord Inc. (NYSE:OSB) by 10.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,073,664 shares of the construction company’s stock after acquiring an additional 189,967 shares during the period. Royal Bank of Canada owned approximately 2.41% of Norbord worth $64,573,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of OSB. Legal & General Group Plc raised its stake in shares of Norbord by 4.2% in the second quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after acquiring an additional 198 shares during the period. Renaissance Group LLC lifted its holdings in shares of Norbord by 6.0% in the 2nd quarter. Renaissance Group LLC now owns 15,345 shares of the construction company’s stock worth $478,000 after acquiring an additional 862 shares during the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Norbord by 2.2% in the 2nd quarter. Brandes Investment Partners LP now owns 58,841 shares of the construction company’s stock worth $1,832,000 after acquiring an additional 1,249 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Norbord by 1.9% in the 1st quarter. Swiss National Bank now owns 70,828 shares of the construction company’s stock worth $2,016,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Norbord by 16.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 18,319 shares of the construction company’s stock worth $570,000 after acquiring an additional 2,537 shares during the last quarter. Institutional investors and hedge funds own 80.86% of the company’s stock.
A number of research firms recently commented on OSB. BMO Capital Markets cut shares of Norbord from a “market perform” rating to an “underperform” rating and lifted their price target for the stock from $31.00 to $32.00 in a research note on Friday, September 29th. They noted that the move was a valuation call. CIBC lowered shares of Norbord from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, September 25th. Zacks Investment Research raised shares of Norbord from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective on the stock in a research report on Friday, June 30th. Scotiabank reissued a “buy” rating and issued a $44.25 price objective on shares of Norbord in a research note on Tuesday, August 29th. Finally, ValuEngine raised shares of Norbord from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. Norbord has a consensus rating of “Buy” and an average target price of $37.71.
Norbord Inc. (NYSE:OSB) traded up 1.05% during mid-day trading on Wednesday, hitting $39.51. The stock had a trading volume of 4,856 shares. The firm’s 50-day moving average price is $39.01 and its 200 day moving average price is $39.01. Norbord Inc. has a one year low of $21.40 and a one year high of $41.88. The company has a market cap of $3.40 billion, a PE ratio of 13.00 and a beta of 4.01.
Norbord (NYSE:OSB) last posted its earnings results on Friday, July 28th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.11 by ($0.01). Norbord had a return on equity of 37.87% and a net margin of 13.52%. The firm had revenue of $536.00 million for the quarter. On average, equities research analysts anticipate that Norbord Inc. will post $4.08 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Friday, September 1st were given a $0.398 dividend. This is an increase from Norbord’s previous quarterly dividend of $0.22. This represents a $1.59 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend was Wednesday, August 30th. Norbord’s payout ratio is currently 52.30%.
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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