Norbord (OSB) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Norbord (NYSE:OSB) from a hold rating to a buy rating in a research report released on Wednesday. The brokerage currently has $40.00 price objective on the construction company’s stock.

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. “

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Several other brokerages also recently commented on OSB. ValuEngine raised shares of Norbord from a buy rating to a strong-buy rating in a research note on Friday, February 2nd. TD Securities increased their price objective on shares of Norbord from $38.00 to $39.00 and gave the company a hold rating in a research note on Monday, February 5th. Finally, Bank of America set a $31.00 price objective on shares of Norbord and gave the company a sell rating in a research note on Wednesday, January 24th. Two equities 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 issued a strong buy rating to the company. Norbord presently has an average rating of Hold and an average target price of $39.40.

OSB stock opened at $36.27 on Wednesday. The company has a market cap of $3,115.58, a P/E ratio of 7.23, a P/E/G ratio of 1.16 and a beta of 3.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.83 and a quick ratio of 1.20. Norbord has a 52 week low of $27.00 and a 52 week high of $41.88.

Norbord (NYSE:OSB) last issued its quarterly earnings data on Friday, February 2nd. The construction company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.03. The business had revenue of $596.00 million during the quarter. Norbord had a net margin of 20.03% and a return on equity of 45.78%. equities analysts expect that Norbord will post 3.63 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Stockholders of record on Thursday, March 1st were paid a dividend of $0.4862 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.94 annualized dividend and a dividend yield of 5.36%. This is an increase from Norbord’s previous quarterly dividend of $0.47. Norbord’s dividend payout ratio (DPR) is presently 37.25%.

Several hedge funds have recently added to or reduced their stakes in the company. Letko Brosseau & Associates Inc. raised its stake in shares of Norbord by 1.7% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,704,631 shares of the construction company’s stock valued at $159,769,000 after acquiring an additional 77,325 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Norbord by 27.3% during the fourth quarter. Acadian Asset Management LLC now owns 1,649,749 shares of the construction company’s stock valued at $56,028,000 after acquiring an additional 354,300 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Norbord during the fourth quarter valued at $31,626,000. Hillsdale Investment Management Inc. raised its stake in shares of Norbord by 13.7% during the third quarter. Hillsdale Investment Management Inc. now owns 752,248 shares of the construction company’s stock valued at $28,662,000 after acquiring an additional 90,748 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Norbord by 93.2% during the fourth quarter. Bank of Montreal Can now owns 581,963 shares of the construction company’s stock valued at $19,677,000 after acquiring an additional 280,807 shares during the last quarter. 78.67% of the stock is owned by hedge funds and other 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 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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