Norbord Inc. (NYSE:OSB)‘s stock had its “buy” rating restated by equities research analysts at Scotiabank in a report released on Tuesday. They currently have a $55.00 price objective on the construction company’s stock. Scotiabank’s price objective indicates a potential upside of 56.16% from the company’s current price.
Several other brokerages have also recently issued reports on OSB. BMO Capital Markets cut shares of Norbord from a “market perform” rating to an “underperform” rating and lifted their target price for the stock from $31.00 to $32.00 in a research note on Friday, September 29th. They noted that the move was a valuation call. TD Securities cut shares of Norbord from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. CIBC cut shares of Norbord from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, September 25th. Bank of America Corporation began coverage on shares of Norbord in a research note on Monday, October 2nd. They set a “sell” rating and a $41.00 target price on the stock. Finally, Zacks Investment Research raised shares of Norbord from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Norbord has an average rating of “Buy” and an average price target of $41.60.
Shares of Norbord (NYSE:OSB) traded down $0.01 on Tuesday, reaching $35.22. 95,500 shares of the company’s stock traded hands, compared to its average volume of 35,832. Norbord has a 52 week low of $21.70 and a 52 week high of $41.88. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.15 and a current ratio of 1.83. The firm has a market cap of $3,043.87, a PE ratio of 9.50 and a beta of 3.87.
Norbord (NYSE:OSB) last announced its earnings results on Friday, October 27th. The construction company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.02. Norbord had a net margin of 16.33% and a return on equity of 42.38%. The company had revenue of $578.00 million for the quarter. sell-side analysts predict that Norbord will post 4.53 EPS for the current year.
Norbord declared that its board has approved a stock repurchase program on Friday, October 27th that authorizes the company to buyback 5,140,000 outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently bought and sold shares of OSB. JPMorgan Chase & Co. raised its holdings in shares of Norbord by 30,696.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,713 shares of the construction company’s stock worth $676,000 after acquiring an additional 23,636 shares during the period. Vanguard Group Inc. raised its holdings in shares of Norbord by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 816,202 shares of the construction company’s stock worth $23,270,000 after acquiring an additional 26,518 shares during the period. Morgan Stanley raised its holdings in Norbord by 243.1% in the 1st quarter. Morgan Stanley now owns 173,402 shares of the construction company’s stock valued at $4,944,000 after buying an additional 122,868 shares during the period. Renaissance Technologies LLC raised its holdings in Norbord by 94.2% in the 1st quarter. Renaissance Technologies LLC now owns 100,800 shares of the construction company’s stock valued at $2,873,000 after buying an additional 48,900 shares during the period. Finally, Bank of America Corp DE raised its holdings in Norbord by 67.3% in the 1st quarter. Bank of America Corp DE now owns 18,340 shares of the construction company’s stock valued at $523,000 after buying an additional 7,380 shares during the period. Institutional investors and hedge funds own 81.50% of the company’s stock.
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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