Scotiabank Reaffirms “Buy” Rating for Norbord Inc. (OSB)
Scotiabank reiterated their buy rating on shares of Norbord Inc. (NYSE:OSB) in a research report released on Tuesday. The brokerage currently has a $44.25 price target on the construction company’s stock.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Norbord from a strong-buy rating to a hold rating in a report on Wednesday, July 12th. ValuEngine upgraded shares of Norbord from a buy rating to a strong-buy rating in a report on Friday, June 30th. TD Securities restated a buy rating and issued a $35.00 target price on shares of Norbord in a report on Wednesday, May 3rd. Credit Suisse Group raised shares of Norbord from a neutral rating to an outperform rating in a research report on Monday, July 31st. Finally, BMO Capital Markets set a $28.00 price target on shares of Norbord and gave the company a hold rating in a research report on Friday, July 28th. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Norbord has an average rating of Buy and a consensus target price of $36.85.
Norbord (OSB) opened at 34.43 on Tuesday. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 11.33 and a beta of 3.95. Norbord has a 12-month low of $21.40 and a 12-month high of $35.65. The firm has a 50-day moving average of $33.27 and a 200 day moving average of $30.41.
Norbord (NYSE:OSB) last released its earnings results on Friday, July 28th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by $0.01. Norbord had a net margin of 13.52% and a return on equity of 37.87%. The company had revenue of $536 million during the quarter. On average, equities analysts predict that Norbord will post $3.79 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, September 1st will be given a dividend of $0.398 per share. This represents a $1.59 dividend on an annualized basis and a yield of 4.62%. This is a boost from Norbord’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, August 30th. Norbord’s payout ratio is 28.95%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its position in Norbord by 1,725.4% in the first quarter. Acadian Asset Management LLC now owns 244,600 shares of the construction company’s stock worth $6,943,000 after buying an additional 231,200 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Norbord by 86.5% in the first quarter. Advisors Asset Management Inc. now owns 15,782 shares of the construction company’s stock worth $446,000 after buying an additional 7,319 shares during the last quarter. Renaissance Group LLC boosted its position in Norbord by 3.0% in the first quarter. Renaissance Group LLC now owns 14,483 shares of the construction company’s stock worth $413,000 after buying an additional 417 shares during the last quarter. Swiss National Bank boosted its position in Norbord by 1.9% in the first quarter. Swiss National Bank now owns 70,828 shares of the construction company’s stock worth $2,016,000 after buying an additional 1,300 shares during the last quarter. Finally, State of Wisconsin Investment Board purchased a new position in Norbord during the first quarter worth approximately $409,000. 93.28% of the stock is currently owned by hedge funds and other institutional investors.
Norbord Company Profile
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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