Comerica Bank cut its holdings in shares of Louisiana-Pacific Co. (NYSE:LPX) by 17.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,838 shares of the construction company’s stock after selling 19,036 shares during the period. Comerica Bank owned approximately 0.06% of Louisiana-Pacific worth $2,006,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Louisiana-Pacific by 6.5% in the second quarter. BlackRock Inc. now owns 18,429,014 shares of the construction company’s stock valued at $501,638,000 after acquiring an additional 1,122,642 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Louisiana-Pacific by 7.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,518,427 shares of the construction company’s stock worth $122,991,000 after buying an additional 321,522 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Louisiana-Pacific by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,285,042 shares of the construction company’s stock worth $116,638,000 after buying an additional 39,544 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its holdings in shares of Louisiana-Pacific by 34.4% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,606,707 shares of the construction company’s stock worth $69,051,000 after buying an additional 667,019 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Louisiana-Pacific by 0.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,925,100 shares of the construction company’s stock valued at $52,401,000 after purchasing an additional 12,800 shares in the last quarter. Institutional investors and hedge funds own 96.15% of the company’s stock.
Shares of LPX opened at $23.00 on Friday. The firm has a market cap of $3.21 billion, a PE ratio of 9.87, a P/E/G ratio of 1.56 and a beta of 1.61. Louisiana-Pacific Co. has a 12-month low of $20.89 and a 12-month high of $32.16. The company has a quick ratio of 4.91, a current ratio of 6.13 and a debt-to-equity ratio of 0.19.
Louisiana-Pacific (NYSE:LPX) last released its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.17. The company had revenue of $736.80 million during the quarter, compared to analyst estimates of $724.92 million. Louisiana-Pacific had a net margin of 17.23% and a return on equity of 27.84%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 earnings per share. Analysts predict that Louisiana-Pacific Co. will post 2.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.52 annualized dividend and a dividend yield of 2.26%. Louisiana-Pacific’s dividend payout ratio (DPR) is currently 22.32%.
Louisiana-Pacific announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 7th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to purchase up to 3.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several equities research analysts have weighed in on LPX shares. Seaport Global Securities started coverage on shares of Louisiana-Pacific in a research report on Tuesday, October 23rd. They set a “buy” rating and a $31.00 price target for the company. ValuEngine cut shares of Louisiana-Pacific from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. BMO Capital Markets upgraded shares of Louisiana-Pacific from an “underperform” rating to a “market perform” rating and decreased their price target for the stock from $27.00 to $24.00 in a research note on Monday, October 22nd. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 10th. Finally, Longbow Research restated a “hold” rating on shares of Louisiana-Pacific in a research note on Tuesday, October 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $32.13.
In other news, EVP Neil Sherman sold 7,430 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $31.74, for a total transaction of $235,828.20. Following the transaction, the executive vice president now owns 51,708 shares in the company, valued at approximately $1,641,211.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Bradley Southern sold 12,042 shares of the firm’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $31.00, for a total value of $373,302.00. Following the completion of the transaction, the chief executive officer now owns 196,518 shares in the company, valued at approximately $6,092,058. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,287 shares of company stock worth $975,986. 1.48% of the stock is owned by corporate insiders.
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.
Further Reading: Depreciation
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