Morgan Stanley increased its position in shares of Norbord Inc. (NYSE:OSB) by 243.1% during the first quarter, Holdings Channel reports. The institutional investor owned 173,402 shares of the construction company’s stock after buying an additional 122,868 shares during the period. Morgan Stanley’s holdings in Norbord were worth $4,944,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. FMR LLC raised its stake in shares of Norbord by 6.4% in the first quarter. FMR LLC now owns 6,099,810 shares of the construction company’s stock worth $173,612,000 after buying an additional 365,927 shares in the last quarter. Norges Bank bought a new stake in shares of Norbord during the fourth quarter worth about $7,273,000. Acadian Asset Management LLC raised its stake in shares of 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 in the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Norbord by 65.1% in the first quarter. Hillsdale Investment Management Inc. now owns 546,000 shares of the construction company’s stock worth $15,512,000 after buying an additional 215,300 shares in the last quarter. Finally, Investec Asset Management LTD raised its stake in shares of Norbord by 94.4% in the first quarter. Investec Asset Management LTD now owns 404,233 shares of the construction company’s stock worth $11,472,000 after buying an additional 196,305 shares in the last quarter. 28.52% of the stock is owned by hedge funds and other institutional investors.
Norbord Inc. (NYSE:OSB) traded down 0.21% during mid-day trading on Thursday, reaching $32.94. 663 shares of the company were exchanged. Norbord Inc. has a 1-year low of $21.40 and a 1-year high of $35.65. The stock’s 50-day moving average price is $32.27 and its 200-day moving average price is $29.60. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 10.84 and a beta of 3.95.
Norbord (NYSE:OSB) last issued its quarterly earnings data 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. The business had revenue of $536 million for the quarter. Norbord had a return on equity of 37.87% and a net margin of 13.52%. On average, equities research analysts anticipate that Norbord Inc. will post $3.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, September 1st will be issued a dividend of $0.398 per share. This represents a $1.59 dividend on an annualized basis and a yield of 4.82%. This is a boost from Norbord’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, August 30th. Norbord’s dividend payout ratio (DPR) is 28.95%.
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OSB has been the subject of a number of recent analyst reports. BMO Capital Markets reissued a “hold” rating and set a $28.00 target price on shares of Norbord in a research note on Wednesday, April 19th. Zacks Investment Research lowered shares of Norbord from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 12th. ValuEngine raised shares of Norbord from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. TD Securities reissued a “buy” rating and set a $35.00 target price on shares of Norbord in a research note on Wednesday, May 3rd. Finally, Credit Suisse Group raised shares of Norbord from a “neutral” rating to an “outperform” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. Norbord has an average rating of “Buy” and a consensus price target of $35.00.
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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