Cozad Asset Management Inc. increased its stake in shares of Norbord Inc (NYSE:OSB) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 43,455 shares of the construction company’s stock after acquiring an additional 680 shares during the period. Cozad Asset Management Inc.’s holdings in Norbord were worth $1,043,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Norbord by 37.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,021 shares of the construction company’s stock valued at $72,000 after buying an additional 817 shares in the last quarter. Toronto Dominion Bank grew its position in Norbord by 40.3% in the 2nd quarter. Toronto Dominion Bank now owns 97,543 shares of the construction company’s stock valued at $2,498,000 after buying an additional 28,030 shares in the last quarter. Mackenzie Financial Corp grew its position in Norbord by 84.6% in the 2nd quarter. Mackenzie Financial Corp now owns 372,375 shares of the construction company’s stock valued at $9,231,000 after buying an additional 170,632 shares in the last quarter. MidWestOne Financial Group Inc. bought a new position in Norbord in the 2nd quarter valued at about $731,000. Finally, Pictet Asset Management Ltd. boosted its position in shares of Norbord by 19.2% during the 2nd quarter. Pictet Asset Management Ltd. now owns 859,278 shares of the construction company’s stock valued at $21,345,000 after purchasing an additional 138,494 shares in the last quarter. 78.20% of the stock is currently owned by hedge funds and other institutional investors.
OSB has been the subject of several research reports. ValuEngine upgraded shares of Norbord from a “hold” rating to a “buy” rating in a research report on Friday, August 30th. CIBC raised their price objective on shares of Norbord from $37.00 to $38.00 in a research report on Saturday. Raymond James upgraded shares of Norbord from an “outperform” rating to a “strong-buy” rating and set a $43.00 price objective for the company in a research report on Thursday, October 31st. Vertical Research lowered shares of Norbord from a “buy” rating to a “hold” rating in a research report on Friday. Finally, TD Securities raised their price objective on shares of Norbord from $28.00 to $37.00 and gave the company a “buy” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $37.67.
Norbord (NYSE:OSB) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.04). Norbord had a negative net margin of 3.12% and a positive return on equity of 0.91%. The business had revenue of $435.00 million for the quarter, compared to the consensus estimate of $443.09 million. During the same quarter last year, the business posted $1.41 EPS. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. On average, research analysts forecast that Norbord Inc will post -0.25 earnings per share for the current year.
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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