Russell Investments Group Ltd. cut its holdings in Louisiana-Pacific Co. (NYSE:LPX) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 631,975 shares of the construction company’s stock after selling 19,972 shares during the quarter. Russell Investments Group Ltd.’s holdings in Louisiana-Pacific were worth $17,002,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Synovus Financial Corp boosted its stake in Louisiana-Pacific by 174.8% in the second quarter. Synovus Financial Corp now owns 4,672 shares of the construction company’s stock valued at $127,000 after acquiring an additional 2,972 shares during the last quarter. First Hawaiian Bank bought a new position in Louisiana-Pacific in the third quarter valued at approximately $165,000. TRUE Private Wealth Advisors bought a new position in Louisiana-Pacific in the third quarter valued at approximately $168,000. NumerixS Investment Technologies Inc boosted its stake in Louisiana-Pacific by 36.0% in the second quarter. NumerixS Investment Technologies Inc now owns 9,250 shares of the construction company’s stock valued at $249,000 after acquiring an additional 2,450 shares during the last quarter. Finally, Vanguard Capital Wealth Advisors bought a new position in Louisiana-Pacific in the second quarter valued at approximately $265,000. 92.63% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO William Bradley Southern sold 12,042 shares of Louisiana-Pacific stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $31.00, for a total transaction of $373,302.00. Following the transaction, the chief executive officer now directly owns 196,518 shares of the company’s stock, valued at $6,092,058. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Lizanne C. Gottung sold 7,000 shares of Louisiana-Pacific stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $29.25, for a total transaction of $204,750.00. Following the transaction, the director now directly owns 18,115 shares in the company, valued at $529,863.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,287 shares of company stock worth $1,180,736. Insiders own 1.48% of the company’s stock.
Louisiana-Pacific (NYSE:LPX) last announced its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.17. The company had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $724.92 million. Louisiana-Pacific had a net margin of 17.23% and a return on equity of 27.84%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. As a group, equities analysts anticipate that Louisiana-Pacific Co. will post 2.94 earnings per share for the current fiscal year.
Louisiana-Pacific announced that its Board of Directors has approved a share repurchase program on Tuesday, August 7th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.22%. Louisiana-Pacific’s dividend payout ratio is 22.32%.
A number of brokerages have issued reports on LPX. ValuEngine raised shares of Louisiana-Pacific from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Seaport Global Securities began coverage on shares of Louisiana-Pacific in a research note on Tuesday, October 23rd. They issued a “buy” rating and a $31.00 price objective on the stock. BMO Capital Markets raised shares of Louisiana-Pacific from an “underperform” rating to a “market perform” rating and reduced their price objective for the company from $27.00 to $24.00 in a research note on Monday, October 22nd. They noted that the move was a valuation call. Longbow Research reaffirmed a “hold” rating on shares of Louisiana-Pacific in a research note on Tuesday, October 9th. Finally, Zacks Investment Research cut shares of Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Louisiana-Pacific presently has an average rating of “Hold” and an average price target of $32.13.
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Louisiana-Pacific Company Profile
Louisiana-Pacific Corporation, together with its subsidiaries, manufactures building products primarily for use in new home construction, repair and remodeling, and outdoor structures, as well as light industrial and commercial construction applications. It operates through four segments: Siding; North America Oriented Strand Board (OSB); Engineered Wood Products; and South America.
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