Norbord (NYSE:OSB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday.
According to Zacks, “Norbord Inc. is a producer of wood-based panels. It operates primarily in the United States, Europe and Canada. Norbord Inc. is headquartered in Toronto, Canada. “
OSB has been the topic of a number of other research reports. Bank of America began coverage on Norbord in a research note on Monday, October 2nd. They issued a “sell” rating and a $41.00 target price on the stock. BMO Capital Markets lowered Norbord from a “market perform” rating to an “underperform” rating and upped their target price for the company from $31.00 to $32.00 in a research note on Friday, September 29th. They noted that the move was a valuation call. TD Securities reduced their target price on Norbord from $43.00 to $39.00 and set a “hold” rating on the stock in a research note on Monday, October 30th. Scotiabank reaffirmed a “buy” rating and issued a $55.00 target price on shares of Norbord in a research note on Tuesday, November 14th. Finally, CIBC lowered Norbord from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, September 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $41.60.
Norbord (NYSE:OSB) last posted its earnings results on Friday, October 27th. The construction company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. Norbord had a return on equity of 42.38% and a net margin of 16.33%. The firm had revenue of $578.00 million for the quarter. equities analysts forecast that Norbord will post 4.47 earnings per share for the current year.
Norbord declared that its Board of Directors has authorized a share repurchase program on Friday, October 27th that allows the company to buyback 5,140,000 outstanding shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Institutional investors have recently modified their holdings of the business. Advisor Group Inc. lifted its stake in shares of Norbord by 5,212.7% during the 3rd quarter. Advisor Group Inc. now owns 2,922 shares of the construction company’s stock worth $111,000 after purchasing an additional 2,867 shares during the period. Legal & General Group Plc lifted its stake in shares of Norbord by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock worth $152,000 after purchasing an additional 198 shares during the period. Shell Asset Management Co. lifted its stake in shares of Norbord by 51.2% during the 3rd quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock worth $143,000 after purchasing an additional 2,109 shares during the period. Parametric Portfolio Associates LLC purchased a new position in shares of Norbord during the 2nd quarter worth $205,000. Finally, Comerica Bank purchased a new position in shares of Norbord during the 2nd quarter worth $233,000. 78.77% of the stock is currently owned by institutional investors.
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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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