Campbell & CO Investment Adviser LLC bought a new position in shares of Norbord Inc. (NYSE:OSB) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 12,400 shares of the construction company’s stock, valued at approximately $366,000.
Several other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Norbord by 122.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,082 shares of the construction company’s stock valued at $185,000 after buying an additional 4,453 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Norbord during the 1st quarter worth $189,000. Institute for Wealth Management LLC. acquired a new position in shares of Norbord during the 2nd quarter worth $208,000. Aigen Investment Management LP grew its stake in shares of Norbord by 130.7% during the 2nd quarter. Aigen Investment Management LP now owns 9,770 shares of the construction company’s stock worth $223,000 after purchasing an additional 5,535 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Norbord by 387.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 20,346 shares of the construction company’s stock valued at $241,000 after purchasing an additional 16,170 shares in the last quarter. 81.68% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on OSB shares. CIBC upped their target price on shares of Norbord from $50.00 to $58.00 in a research report on Tuesday, August 25th. ValuEngine cut Norbord from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Bank of America cut Norbord from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Friday, September 11th. Royal Bank of Canada reissued a “buy” rating and issued a $57.00 target price on shares of Norbord in a report on Thursday, August 20th. Finally, BofA Securities downgraded Norbord from a “buy” rating to a “neutral” rating in a research note on Friday, September 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Norbord presently has a consensus rating of “Buy” and an average target price of $46.25.
Norbord (NYSE:OSB) last released its earnings results on Wednesday, August 5th. The construction company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.28. Norbord had a net margin of 0.53% and a return on equity of 4.64%. The company had revenue of $421.00 million for the quarter, compared to analyst estimates of $410.76 million. During the same period in the prior year, the firm earned ($0.10) EPS. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, equities analysts expect that Norbord Inc. will post 4.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Tuesday, September 1st were paid a dividend of $0.2251 per share. This is an increase from Norbord’s previous quarterly dividend of $0.04. The ex-dividend date was Monday, August 31st. This represents a $0.90 annualized dividend and a dividend yield of 2.88%. Norbord’s dividend payout ratio is presently -248.65%.
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, moldings, 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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