Letko Brosseau & Associates Inc. lifted its position in Norbord Inc (NYSE:OSB) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,397,009 shares of the construction company’s stock after purchasing an additional 173,060 shares during the period. Norbord comprises about 1.3% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 25th biggest holding. Letko Brosseau & Associates Inc. owned about 6.61% of Norbord worth $134,063,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Beutel Goodman & Co Ltd. acquired a new position in shares of Norbord in the 1st quarter valued at $71,000. Yorktown Management & Research Co Inc acquired a new position in shares of Norbord in the 1st quarter valued at $276,000. Advantage Investment Management LLC lifted its stake in shares of Norbord by 16.2% in 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 period. QCM Cayman Ltd. acquired a new position in shares of Norbord in the 1st quarter valued at $314,000. Finally, Legal & General Group Plc lifted its stake in shares of Norbord by 3.9% in 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 period. Hedge funds and other institutional investors own 78.60% of the company’s stock.
NYSE:OSB traded up $0.17 during trading hours on Thursday, reaching $22.20. 6,006 shares of the company were exchanged, compared to its average volume of 166,059. 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 stock has a 50-day moving average of $23.43. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 4.71 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 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 dividend of $0.303 per share. The ex-dividend date is Thursday, August 29th. This is a boost from Norbord’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a yield of 5.46%. Norbord’s dividend payout ratio is currently 25.00%.
Several equities analysts recently issued reports on OSB shares. TD Securities decreased their target price on shares of Norbord from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. TheStreet cut shares of Norbord from a “b-” rating to a “c+” rating in a research note on Tuesday, June 11th. BMO Capital Markets upgraded shares of Norbord from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $26.00 to $28.00 in a research note on Friday, June 14th. ValuEngine upgraded shares of Norbord from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James restated a “buy” rating and set a $41.00 price objective on shares of Norbord in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price 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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