Russell Investments Group Ltd. boosted its stake in shares of Norbord Inc. (NYSE:OSB) by 255.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 231,507 shares of the construction company’s stock after acquiring an additional 166,308 shares during the quarter. Russell Investments Group Ltd. owned about 0.27% of Norbord worth $8,801,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Norbord during the third quarter valued at approximately $319,000. Advisor Group Inc. boosted its holdings in shares of Norbord by 5,212.7% in the third quarter. Advisor Group Inc. now owns 2,922 shares of the construction company’s stock valued at $111,000 after purchasing an additional 2,867 shares during the period. Intact Investment Management Inc. boosted its holdings in shares of Norbord by 110.1% in the third quarter. Intact Investment Management Inc. now owns 211,200 shares of the construction company’s stock valued at $10,032,000 after purchasing an additional 110,700 shares during the period. APG Asset Management N.V. purchased a new stake in shares of Norbord in the third quarter valued at approximately $1,808,000. Finally, Shell Asset Management Co. boosted its holdings in shares of Norbord by 51.2% in the third quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock valued at $143,000 after purchasing an additional 2,109 shares during the period. 78.77% of the stock is currently owned by institutional investors.
OSB has been the subject of a number of analyst reports. BMO Capital Markets lowered Norbord from a “market perform” rating to an “underperform” rating and upped their target price for the stock from $31.00 to $32.00 in a report on Friday, September 29th. They noted that the move was a valuation call. CIBC lowered Norbord from a “sector outperform” rating to a “sector perform” rating in a report on Monday, September 25th. Zacks Investment Research raised Norbord from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Friday, October 27th. Scotiabank reissued a “buy” rating and issued a $55.00 target price on shares of Norbord in a research report on Tuesday, November 14th. Finally, TD Securities downgraded Norbord from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Norbord presently has an average rating of “Hold” and a consensus target price of $41.60.
Norbord (NYSE:OSB) last issued its quarterly earnings results on Friday, October 27th. The construction company reported $1.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.02. The firm had revenue of $578.00 million for the quarter. Norbord had a net margin of 16.33% and a return on equity of 42.38%. research analysts expect that Norbord Inc. will post 4.5 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Friday, December 1st were issued a $0.467 dividend. This is an increase from Norbord’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $1.87 dividend on an annualized basis and a yield of 5.52%. Norbord’s dividend payout ratio is presently 48.33%.
Norbord announced that its board has approved a share buyback plan on Friday, October 27th that allows the company to repurchase 5,140,000 shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Norbord Company Profile
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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