Norbord (NYSE:OSB) was upgraded by Zacks Investment Research from a “sell” rating to a “strong-buy” rating in a research note issued on Thursday. The brokerage presently has a $44.00 price target on the construction company’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.29% from the stock’s previous close.
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. “
OSB has been the subject of a number of other reports. ValuEngine raised shares of Norbord from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 2nd. Bank of America set a $31.00 target price on shares of Norbord and gave the stock a “sell” rating in a research note on Wednesday, January 24th. Finally, TD Securities lifted their target price on shares of Norbord from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Norbord currently has an average rating of “Hold” and a consensus target price of $40.20.
Norbord (NYSE:OSB) last issued its quarterly earnings data on Friday, February 2nd. The construction company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.03. Norbord had a net margin of 20.03% and a return on equity of 45.78%. The business had revenue of $596.00 million during the quarter. sell-side analysts expect that Norbord will post 3.55 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. purchased a new stake in Norbord in the 4th quarter worth approximately $139,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Norbord in the 4th quarter worth approximately $242,000. Dimensional Fund Advisors LP purchased a new stake in Norbord in the 2nd quarter worth approximately $260,000. Citadel Advisors LLC purchased a new stake in Norbord in the 4th quarter worth approximately $289,000. Finally, Legal & General Group Plc grew its stake in Norbord by 59.3% in the 3rd quarter. Legal & General Group Plc now owns 7,789 shares of the construction company’s stock worth $296,000 after acquiring an additional 2,900 shares during the period. 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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