Scopus Asset Management L.P. Buys Shares of 144,000 Louisiana-Pacific Co. (LPX)
Scopus Asset Management L.P. bought a new stake in shares of Louisiana-Pacific Co. (NYSE:LPX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 144,000 shares of the construction company’s stock, valued at approximately $3,920,000.
Several other hedge funds have also added to or reduced their stakes in LPX. SG Americas Securities LLC grew its holdings in shares of Louisiana-Pacific by 23.4% during the 1st quarter. SG Americas Securities LLC now owns 41,600 shares of the construction company’s stock valued at $1,197,000 after purchasing an additional 7,894 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Louisiana-Pacific during the 1st quarter valued at $131,000. Mackay Shields LLC purchased a new stake in Louisiana-Pacific during the 1st quarter valued at $496,000. Victory Capital Management Inc. purchased a new stake in Louisiana-Pacific during the 1st quarter valued at $16,624,000. Finally, Swiss National Bank boosted its position in Louisiana-Pacific by 2.2% during the 1st quarter. Swiss National Bank now owns 252,200 shares of the construction company’s stock valued at $7,256,000 after buying an additional 5,500 shares during the period. 92.26% of the stock is currently owned by institutional investors.
In other news, Director Lizanne C. Gottung sold 7,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $29.25, for a total value of $204,750.00. Following the completion of the sale, the director now directly owns 18,115 shares of the company’s stock, valued at approximately $529,863.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.48% of the company’s stock.
Louisiana-Pacific (NYSE:LPX) last posted its earnings results on Tuesday, August 7th. The construction company reported $1.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.10. Louisiana-Pacific had a net margin of 16.85% and a return on equity of 28.21%. The firm had revenue of $810.80 million during the quarter, compared to analysts’ expectations of $788.55 million. equities research analysts forecast that Louisiana-Pacific Co. will post 3.1 EPS for the current fiscal year.
Louisiana-Pacific announced that its board has approved a stock buyback program on Tuesday, August 7th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Friday, August 17th were given a $0.13 dividend. The ex-dividend date was Thursday, August 16th. This represents a $0.52 annualized dividend and a dividend yield of 1.69%. Louisiana-Pacific’s dividend payout ratio is 22.32%.
Several brokerages have weighed in on LPX. ValuEngine cut shares of Louisiana-Pacific from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Zacks Investment Research cut shares of Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 10th. Finally, Bank of America raised shares of Louisiana-Pacific from a “neutral” rating to a “buy” rating and set a $37.00 price target for the company in a research report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $33.25.
Louisiana-Pacific Corporation, together with its subsidiaries, manufactures building products primarily for use in new home construction, repair and remodeling, and outdoor structures, as well as light industrial and commercial construction applications. It operates through four segments: Siding; North America Oriented Strand Board (OSB); Engineered Wood Products; and South America.
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