Institute for Wealth Management LLC. purchased a new stake in shares of Norbord Inc (NYSE:OSB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 14,979 shares of the construction company’s stock, valued at approximately $371,000.
A number of other hedge funds have also recently made changes to their positions in OSB. Beutel Goodman & Co Ltd. bought a new position in Norbord during the 1st quarter valued at about $71,000. Advantage Investment Management LLC lifted its holdings in Norbord by 16.2% during the 2nd quarter. Advantage Investment Management LLC now owns 10,404 shares of the construction company’s stock valued at $258,000 after purchasing an additional 1,454 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Norbord during the 1st quarter valued at about $276,000. QCM Cayman Ltd. bought a new position in Norbord during the 1st quarter valued at about $314,000. Finally, Legal & General Group Plc lifted its holdings in Norbord by 3.9% during the 4th quarter. Legal & General Group Plc now owns 13,916 shares of the construction company’s stock valued at $370,000 after purchasing an additional 526 shares during the last quarter. 79.06% of the stock is owned by hedge funds and other institutional investors.
OSB traded up $0.08 during midday trading on Tuesday, hitting $22.77. The company had a trading volume of 202 shares, compared to its average volume of 198,989. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.14 and a current ratio of 1.64. The company has a market capitalization of $1.85 billion, a PE ratio of 4.83 and a beta of 2.07. Norbord Inc has a twelve month low of $19.46 and a twelve month high of $44.15. The firm’s 50-day simple moving average is $23.22 and its 200-day simple moving average is $24.59.
Norbord (NYSE:OSB) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $447.00 million during the quarter, compared to analysts’ expectations of $466.51 million. Norbord had a net margin of 4.31% and a return on equity of 16.27%. The company’s quarterly revenue was down 36.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.92 EPS. As a group, sell-side analysts anticipate that Norbord Inc will post 0.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, August 30th will be given a $0.303 dividend. This represents a $1.21 annualized dividend and a yield of 5.32%. The ex-dividend date is Thursday, August 29th. This is a boost from Norbord’s previous quarterly dividend of $0.30. Norbord’s dividend payout ratio (DPR) is presently 25.00%.
OSB has been the subject of several research reports. TD Securities lowered their price objective on shares of Norbord from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. TheStreet cut shares of Norbord from a “b-” rating to a “c+” rating in a research report on Tuesday, June 11th. ValuEngine upgraded shares of Norbord from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James restated a “buy” rating and issued a $41.00 price objective on shares of Norbord in a research report on Tuesday, July 16th. Finally, BMO Capital Markets upgraded shares of Norbord from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $26.00 to $28.00 in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Norbord presently has a consensus rating of “Buy” and an average price target of $34.33.
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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