Norbord Inc. (OSB) Sees Significant Decline in Short Interest
Norbord Inc. (NYSE:OSB) saw a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 333,673 shares, a decrease of 52.4% from the November 30th total of 700,924 shares. Approximately 0.5% of the company’s stock are sold short. Based on an average daily volume of 117,751 shares, the days-to-cover ratio is currently 2.8 days.
Several hedge funds and other institutional investors have recently made changes to their positions in OSB. Advisor Group Inc. boosted its position in shares of Norbord by 5,212.7% in the 3rd quarter. Advisor Group Inc. now owns 2,922 shares of the construction company’s stock valued at $111,000 after purchasing an additional 2,867 shares during the period. Shell Asset Management Co. boosted its position in shares of Norbord by 51.2% in the 3rd quarter. Shell Asset Management Co. now owns 6,229 shares of the construction company’s stock valued at $143,000 after purchasing an additional 2,109 shares during the period. Legal & General Group Plc boosted its position in shares of Norbord by 4.2% in the 2nd quarter. Legal & General Group Plc now owns 4,889 shares of the construction company’s stock valued at $152,000 after purchasing an additional 198 shares during the period. Parametric Portfolio Associates LLC acquired a new stake in shares of Norbord in the 2nd quarter valued at about $205,000. Finally, Comerica Bank acquired a new stake in shares of Norbord in the 2nd quarter valued at about $233,000. 78.77% of the stock is owned by hedge funds and other institutional investors.
Norbord (OSB) opened at $34.85 on Thursday. The stock has a market capitalization of $2,950.00, a PE ratio of 8.96, a PEG ratio of 1.04 and a beta of 2.33. Norbord has a 1 year low of $23.68 and a 1 year high of $41.88. The company has a current ratio of 1.83, a quick ratio of 1.15 and a debt-to-equity ratio of 0.61.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 21st. Stockholders of record on Friday, December 1st were given a dividend of $0.467 per share. This is a boost from Norbord’s previous quarterly dividend of $0.40. This represents a $1.87 annualized dividend and a dividend yield of 5.36%. The ex-dividend date was Thursday, November 30th. Norbord’s dividend payout ratio is currently 48.33%.
Norbord announced that its Board of Directors has initiated a share repurchase plan on Friday, October 27th that permits the company to repurchase 5,140,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
OSB has been the subject of several analyst reports. Scotiabank reaffirmed a “buy” rating and set a $55.00 price objective on shares of Norbord in a research report on Tuesday, November 14th. Zacks Investment Research raised Norbord from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Friday, October 27th. TD Securities cut Norbord from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. CIBC cut Norbord from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, September 25th. Finally, Bank of America initiated coverage on Norbord in a research report on Monday, October 2nd. They set a “sell” rating and a $41.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $41.60.
Norbord Inc manufactures and sells wood-based panels for retail chains, contractor supply yards, and industrial customers 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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