Norbord Inc. (NYSE:OSB) was downgraded by TD Securities from a “buy” rating to a “hold” rating in a report released on Friday.
Several other research analysts have also recently weighed in on the stock. Bank of America Corporation initiated coverage on shares of Norbord in a research report on Monday, October 2nd. They set a “sell” rating and a $41.00 price target on the stock. BMO Capital Markets lowered shares of Norbord from a “market perform” rating to an “underperform” rating and boosted their price objective for the company from $31.00 to $32.00 in a report on Friday, September 29th. They noted that the move was a valuation call. CIBC lowered shares of Norbord from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 25th. Scotiabank restated a “buy” rating and issued a $44.25 price objective on shares of Norbord in a report on Tuesday, August 29th. Finally, Vertical Research lowered shares of Norbord from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Norbord currently has an average rating of “Hold” and a consensus price target of $38.05.
Norbord (NYSE:OSB) last announced its quarterly earnings results on Friday, July 28th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). The firm had revenue of $536.00 million for the quarter. Norbord had a net margin of 13.52% and a return on equity of 37.87%.
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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc raised its holdings in Norbord by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after buying an additional 198 shares during the period. Renaissance Group LLC raised its holdings in Norbord by 6.0% in the 2nd quarter. Renaissance Group LLC now owns 15,345 shares of the construction company’s stock valued at $478,000 after buying an additional 862 shares during the period. Brandes Investment Partners LP raised its holdings in Norbord by 2.2% in the 2nd quarter. Brandes Investment Partners LP now owns 58,841 shares of the construction company’s stock valued at $1,832,000 after buying an additional 1,249 shares during the period. Swiss National Bank raised its holdings in Norbord by 1.9% in the 1st quarter. Swiss National Bank now owns 70,828 shares of the construction company’s stock valued at $2,016,000 after buying an additional 1,300 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in Norbord by 16.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 18,319 shares of the construction company’s stock valued at $570,000 after buying an additional 2,537 shares during the period. Hedge funds and other institutional investors own 80.87% of the company’s stock.
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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