Los Angeles Capital Management & Equity Research Inc. cut its holdings in Louisiana-Pacific Co. (NYSE:LPX) by 14.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 263,160 shares of the construction company’s stock after selling 44,280 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned 0.18% of Louisiana-Pacific worth $6,971,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Synovus Financial Corp lifted its holdings in shares of Louisiana-Pacific by 174.8% during the 2nd quarter. Synovus Financial Corp now owns 4,672 shares of the construction company’s stock valued at $127,000 after buying an additional 2,972 shares during the period. Willingdon Wealth Management bought a new position in shares of Louisiana-Pacific during the 3rd quarter valued at $126,000. First Hawaiian Bank bought a new position in shares of Louisiana-Pacific during the 3rd quarter valued at $165,000. TRUE Private Wealth Advisors bought a new position in shares of Louisiana-Pacific during the 3rd quarter valued at $168,000. Finally, NumerixS Investment Technologies Inc lifted its holdings in shares of Louisiana-Pacific by 36.0% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 9,250 shares of the construction company’s stock valued at $249,000 after buying an additional 2,450 shares during the period. 92.86% of the stock is currently owned by institutional investors and hedge funds.
In other Louisiana-Pacific news, CFO Michael Emory Kinney sold 11,815 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $31.05, for a total value of $366,855.75. Following the completion of the sale, the chief financial officer now owns 32,042 shares in the company, valued at approximately $994,904.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lizanne C. Gottung sold 7,000 shares of the stock in a transaction on Thursday, August 16th. The stock was 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 owns 18,115 shares of the company’s stock, valued at approximately $529,863.75. The disclosure for this sale can be found here. Insiders sold a total of 38,287 shares of company stock valued at $1,180,736 in the last quarter. 0.50% of the stock is currently owned by company insiders.
Louisiana-Pacific (NYSE:LPX) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.17. Louisiana-Pacific had a return on equity of 27.84% and a net margin of 17.23%. The company had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $724.92 million. During the same period last year, the firm earned $0.70 EPS. Louisiana-Pacific’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts forecast that Louisiana-Pacific Co. will post 2.94 earnings per share for the current year.
Louisiana-Pacific announced that its Board of Directors has initiated a share buyback program on Tuesday, August 7th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the construction company to buy up to 3.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.52 dividend on an annualized basis and a yield of 2.22%. Louisiana-Pacific’s payout ratio is presently 22.32%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a report on Friday, August 10th. ValuEngine cut Louisiana-Pacific from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Longbow Research reaffirmed a “hold” rating on shares of Louisiana-Pacific in a report on Tuesday, October 9th. Seaport Global Securities assumed coverage on Louisiana-Pacific in a report on Tuesday, October 23rd. They issued a “buy” rating and a $31.00 target price on the stock. Finally, BMO Capital Markets raised Louisiana-Pacific from an “underperform” rating to a “market perform” rating and decreased their target price for the stock from $27.00 to $24.00 in a report on Monday, October 22nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $32.13.
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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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