Norbord (NYSE:OSB) Lowered to Buy at ValuEngine

ValuEngine lowered shares of Norbord (NYSE:OSB) from a strong-buy rating to a buy rating in a research report released on Wednesday morning, ValuEngine reports.

Other research analysts have also recently issued research reports about the stock. TD Securities boosted 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, November 1st. Royal Bank of Canada reissued a buy rating and issued a $45.00 price objective (up previously from $40.00) on shares of Norbord in a research note on Friday, November 1st. Vertical Research cut Norbord from a buy rating to a hold rating in a research note on Friday, November 1st. Raymond James raised Norbord from an outperform rating to a strong-buy rating and set a $43.00 target price on the stock in a research note on Thursday, October 31st. Finally, CIBC increased their price target on Norbord from $30.00 to $37.00 and gave the stock a hold rating in a report on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $38.00.

Shares of Norbord stock traded down $0.16 during trading hours on Wednesday, reaching $26.66. The company’s stock had a trading volume of 2,162 shares, compared to its average volume of 180,897. The firm has a 50 day moving average price of $27.93 and a 200-day moving average price of $24.22. Norbord has a one year low of $19.46 and a one year high of $30.46. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.80 and a quick ratio of 0.91. The stock has a market cap of $2.31 billion, a P/E ratio of 5.65 and a beta of 1.99.

Norbord (NYSE:OSB) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.04). The business had revenue of $435.00 million during the quarter, compared to the consensus estimate of $443.09 million. Norbord had a negative net margin of 3.12% and a positive return on equity of 0.91%. The firm’s revenue was down 32.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.41 EPS. As a group, sell-side analysts forecast that Norbord will post -0.25 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in OSB. Morgan Stanley boosted its position in Norbord by 88.2% in the 2nd quarter. Morgan Stanley now owns 470,698 shares of the construction company’s stock valued at $11,669,000 after buying an additional 220,611 shares during the period. K2 Principal Fund L.P. bought a new position in shares of Norbord during the 3rd quarter worth $6,362,000. Letko Brosseau & Associates Inc. increased its stake in shares of Norbord by 3.3% during the second quarter. Letko Brosseau & Associates Inc. now owns 5,397,009 shares of the construction company’s stock valued at $134,063,000 after buying an additional 173,060 shares during the period. Mackenzie Financial Corp increased its stake in shares of Norbord by 84.6% during the second 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 during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Norbord by 39.7% in the second quarter. Wells Fargo & Company MN now owns 591,904 shares of the construction company’s stock valued at $14,673,000 after acquiring an additional 168,093 shares in the last quarter. Institutional investors own 77.79% 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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