Norbord (NYSE:OSB) was downgraded by equities researchers at CIBC from a “neutral” rating to a “sector underperform” rating in a research note issued to investors on Monday, The Fly reports.
Several other analysts have also issued reports on OSB. Bank of America upgraded shares of Norbord from an “underperform” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Monday, November 5th. They noted that the move was a valuation call. TD Securities upgraded shares of Norbord from a “hold” rating to a “buy” rating and lifted their target price for the company from $31.00 to $33.00 in a research report on Friday, November 2nd. Seaport Global Securities initiated coverage on shares of Norbord in a research report on Tuesday, October 23rd. They issued a “buy” rating and a $32.00 target price on the stock. Vertical Research upgraded shares of Norbord from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Zacks Investment Research upgraded shares of Norbord from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 26th. Three analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.14.
OSB stock traded down $1.24 during midday trading on Monday, hitting $28.15. 11,338 shares of the stock traded hands, compared to its average volume of 214,428. The firm has a market cap of $2.53 billion, a PE ratio of 6.27, a P/E/G ratio of 2.15 and a beta of 2.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.27 and a current ratio of 2.00. Norbord has a 1-year low of $24.18 and a 1-year high of $45.45.
Norbord (NYSE:OSB) last released its quarterly earnings results on Thursday, November 1st. The construction company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.34. The company had revenue of $640.00 million for the quarter, compared to analyst estimates of $586.42 million. Norbord had a net margin of 22.19% and a return on equity of 46.76%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $1.50 earnings per share. Research analysts predict that Norbord will post 4.7 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc grew its position in shares of Norbord by 3.4% in the third quarter. Vanguard Group Inc now owns 1,265,726 shares of the construction company’s stock valued at $41,984,000 after purchasing an additional 41,931 shares during the period. Vanguard Group Inc. boosted its position in Norbord by 3.4% during the third quarter. Vanguard Group Inc. now owns 1,265,726 shares of the construction company’s stock worth $41,984,000 after acquiring an additional 41,931 shares during the last quarter. Legal & General Group Plc boosted its position in Norbord by 48.1% during the third quarter. Legal & General Group Plc now owns 13,390 shares of the construction company’s stock worth $443,000 after acquiring an additional 4,348 shares during the last quarter. Nordea Investment Management AB acquired a new position in Norbord during the third quarter worth about $1,776,000. Finally, Neuberger Berman Group LLC boosted its position in Norbord by 1,698.2% during the third quarter. Neuberger Berman Group LLC now owns 188,491 shares of the construction company’s stock worth $6,250,000 after acquiring an additional 178,009 shares during the last quarter. Institutional investors and hedge funds own 77.61% of the company’s stock.
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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