Norbord (NYSE:OSB) Given New $37.00 Price Target at CIBC

Norbord (NYSE:OSB) had its price target boosted by CIBC from $30.00 to $37.00 in a research report sent to investors on Wednesday, AnalystRatings.com reports. The brokerage currently has a hold rating on the construction company’s stock.

A number of other research analysts have also recently commented on OSB. Royal Bank of Canada reaffirmed an average rating and issued a $40.00 target price on shares of Norbord in a research report on Tuesday, July 9th. Raymond James reaffirmed a buy rating and issued a $41.00 target price on shares of Norbord in a research report on Tuesday, July 16th. Zacks Investment Research cut shares of Norbord from a hold rating to a sell rating in a research report on Wednesday, October 2nd. Finally, ValuEngine raised shares of Norbord from a hold rating to a buy rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $35.17.

NYSE OSB traded up $0.60 during trading hours on Wednesday, reaching $28.50. The company had a trading volume of 374,065 shares, compared to its average volume of 178,713. The stock has a 50-day moving average of $24.10 and a 200 day moving average of $23.52. Norbord has a 1-year low of $19.46 and a 1-year high of $30.46. The company has a current ratio of 1.64, a quick ratio of 1.14 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $2.24 billion, a P/E ratio of 6.04 and a beta of 2.00.

Norbord (NYSE:OSB) last posted its earnings results on Thursday, August 1st. The construction company reported ($0.10) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.01. Norbord had a net margin of 4.31% and a return on equity of 16.27%. The company had revenue of $447.00 million for the quarter, compared to analysts’ expectations of $466.51 million. During the same quarter in the prior year, the company posted $1.92 earnings per share. Norbord’s revenue for the quarter was down 36.8% compared to the same quarter last year. As a group, sell-side analysts predict that Norbord will post -0.25 EPS for the current year.

A number of large investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Norbord by 37.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,021 shares of the construction company’s stock worth $72,000 after purchasing an additional 817 shares during the period. Advantage Investment Management LLC increased its stake in Norbord by 16.2% during the second quarter. Advantage Investment Management LLC now owns 10,404 shares of the construction company’s stock worth $258,000 after purchasing an additional 1,454 shares during the period. Weiss Asset Management LP increased its stake in Norbord by 30.1% during the second quarter. Weiss Asset Management LP now owns 11,537 shares of the construction company’s stock worth $286,000 after purchasing an additional 2,667 shares during the period. Cozad Asset Management Inc. increased its stake in Norbord by 9.7% during the second quarter. Cozad Asset Management Inc. now owns 42,775 shares of the construction company’s stock worth $1,063,000 after purchasing an additional 3,770 shares during the period. Finally, Intact Investment Management Inc. increased its stake in Norbord by 1.4% during the second quarter. Intact Investment Management Inc. now owns 301,400 shares of the construction company’s stock worth $9,747,000 after purchasing an additional 4,100 shares during the period. Institutional investors own 78.42% of the company’s stock.

About Norbord

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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