Bank of Montreal Can cut its stake in Norbord Inc (NYSE:OSB) by 46.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 193,713 shares of the construction company’s stock after selling 165,116 shares during the period. Bank of Montreal Can owned approximately 0.24% of Norbord worth $5,337,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Norbord during the 4th quarter worth approximately $37,815,000. Letko Brosseau & Associates Inc. increased its stake in shares of Norbord by 10.0% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 5,177,944 shares of the construction company’s stock worth $137,619,000 after purchasing an additional 469,233 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Norbord by 501.0% during the 4th quarter. Mackenzie Financial Corp now owns 372,315 shares of the construction company’s stock worth $9,900,000 after purchasing an additional 310,368 shares in the last quarter. APG Asset Management N.V. increased its stake in shares of Norbord by 25.0% during the 4th quarter. APG Asset Management N.V. now owns 701,000 shares of the construction company’s stock worth $16,298,000 after purchasing an additional 140,300 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Norbord by 137.1% during the 4th quarter. Bank of New York Mellon Corp now owns 169,974 shares of the construction company’s stock worth $4,520,000 after purchasing an additional 98,284 shares in the last quarter. 82.41% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the stock. Royal Bank of Canada cut shares of Norbord from a “top pick” rating to an “outperform” rating in a research note on Monday, February 4th. CIBC cut shares of Norbord from a “neutral” rating to a “sector underperform” rating in a research note on Monday, January 14th. Raymond James cut shares of Norbord from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, January 22nd. Zacks Investment Research raised shares of Norbord from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, TD Securities lifted their target price on shares of Norbord from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $35.33.
OSB stock opened at $24.04 on Friday. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 5.09, a PEG ratio of 2.20 and a beta of 1.70. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.80 and a quick ratio of 0.85. Norbord Inc has a one year low of $23.30 and a one year high of $45.45.
Norbord (NYSE:OSB) last released its earnings results on Thursday, May 2nd. The construction company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.06). The firm had revenue of $476.00 million during the quarter, compared to analysts’ expectations of $462.00 million. Norbord had a return on equity of 32.42% and a net margin of 11.92%. As a group, sell-side analysts expect that Norbord Inc will post 1.83 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Saturday, June 1st will be paid a $0.299 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.20 annualized dividend and a yield of 4.98%. Norbord’s payout ratio is currently 25.64%.
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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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