Norbord Inc (OSB) Shares Bought by Bank of New York Mellon Corp

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Bank of New York Mellon Corp grew its holdings in Norbord Inc (NYSE:OSB) by 120.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 42,629 shares of the construction company’s stock after acquiring an additional 23,305 shares during the period. Bank of New York Mellon Corp’s holdings in Norbord were worth $1,753,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new stake in shares of Norbord in the second quarter worth about $264,000. Intercontinental Wealth Advisors LLC bought a new stake in shares of Norbord in the second quarter worth about $291,000. Cubist Systematic Strategies LLC increased its holdings in shares of Norbord by 18.2% in the first quarter. Cubist Systematic Strategies LLC now owns 10,747 shares of the construction company’s stock worth $390,000 after purchasing an additional 1,654 shares during the last quarter. Cavalier Investments LLC bought a new stake in shares of Norbord in the second quarter worth about $793,000. Finally, Navellier & Associates Inc bought a new stake in shares of Norbord in the second quarter worth about $794,000. Institutional investors and hedge funds own 76.86% of the company’s stock.

Shares of NYSE OSB opened at $27.27 on Friday. The company has a current ratio of 2.69, a quick ratio of 1.83 and a debt-to-equity ratio of 0.46. Norbord Inc has a 1-year low of $26.61 and a 1-year high of $45.45. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 6.07, a P/E/G ratio of 0.97 and a beta of 2.41.

Norbord (NYSE:OSB) last issued its quarterly earnings data on Thursday, August 2nd. The construction company reported $1.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.31. Norbord had a return on equity of 48.17% and a net margin of 22.75%. The company had revenue of $707.00 million for the quarter, compared to analysts’ expectations of $682.27 million. During the same period in the previous year, the firm posted $1.10 earnings per share. The firm’s revenue for the quarter was up 31.9% on a year-over-year basis. As a group, analysts predict that Norbord Inc will post 5.7 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Saturday, September 1st were paid a dividend of $3.459 per share. This is a boost from Norbord’s previous quarterly dividend of $0.47. This represents a $13.84 annualized dividend and a yield of 50.74%. The ex-dividend date of this dividend was Thursday, August 30th. Norbord’s payout ratio is presently 306.68%.

Several brokerages have recently issued reports on OSB. ValuEngine cut Norbord from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Zacks Investment Research cut Norbord from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 19th. Finally, Vertical Research raised Norbord from a “hold” rating to a “buy” rating in a report on Thursday. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Norbord has a consensus rating of “Hold” and an average price target of $42.29.

Norbord 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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Institutional Ownership by Quarter for Norbord (NYSE:OSB)

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