Zacks Investment Research Downgrades Norbord (NYSE:OSB) to Sell

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Norbord (NYSE:OSB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

A number of other research firms have also recently issued reports on OSB. BMO Capital Markets restated a “hold” rating and issued a $9.50 price objective on shares of Vicon Industries in a research report on Friday, June 14th. Raymond James set a $60.00 price objective on shares of Banner and gave the company a “buy” rating in a research report on Friday, May 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a GBX 485 ($6.34) price objective on shares of in a research report on Tuesday, July 9th. TD Securities decreased their price objective on shares of TRANSAT AT from C$15.00 to C$11.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Finally, CIBC boosted their price objective on shares of Stella-Jones from C$51.00 to C$53.00 in a research report on Tuesday, May 7th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Norbord has an average rating of “Hold” and an average price target of $35.71.

OSB stock opened at $23.29 on Tuesday. The company has a 50-day moving average price of $22.91. Norbord has a 12-month low of $19.46 and a 12-month high of $44.15. The stock has a market capitalization of $1.92 billion, a PE ratio of 4.93 and a beta of 2.07. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.80 and a quick ratio of 0.85.

Norbord (NYSE:OSB) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). Norbord had a net margin of 11.92% and a return on equity of 32.42%. The firm had revenue of $476.00 million during the quarter, compared to analysts’ expectations of $462.00 million. On average, research analysts expect that Norbord will post 1.33 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in OSB. Norges Bank purchased a new position in shares of Norbord during the fourth quarter valued at about $37,815,000. Formula Growth Ltd. purchased a new position in shares of Norbord during the first quarter valued at about $7,439,000. DekaBank Deutsche Girozentrale increased its position in shares of Norbord by 625.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 238,860 shares of the construction company’s stock valued at $8,338,000 after buying an additional 205,936 shares during the period. TD Asset Management Inc. increased its position in shares of Norbord by 21.1% during the first quarter. TD Asset Management Inc. now owns 806,301 shares of the construction company’s stock valued at $22,222,000 after buying an additional 140,535 shares during the period. Finally, APG Asset Management N.V. increased its position in shares of Norbord by 25.0% during the fourth quarter. APG Asset Management N.V. now owns 701,000 shares of the construction company’s stock valued at $16,298,000 after buying an additional 140,300 shares during the period. Institutional investors own 79.10% of the company’s stock.

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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