PNC Financial Services Group Inc. grew its stake in Louisiana-Pacific Co. (NYSE:LPX) by 79.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,907 shares of the construction company’s stock after buying an additional 35,917 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Louisiana-Pacific worth $2,202,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of LPX. Millennium Management LLC raised its holdings in shares of Louisiana-Pacific by 78.2% in the first quarter. Millennium Management LLC now owns 5,880,551 shares of the construction company’s stock worth $169,183,000 after buying an additional 2,581,310 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Louisiana-Pacific by 6.5% in the second quarter. BlackRock Inc. now owns 18,429,014 shares of the construction company’s stock worth $501,638,000 after buying an additional 1,122,642 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Louisiana-Pacific by 27.8% in the second quarter. Acadian Asset Management LLC now owns 2,860,671 shares of the construction company’s stock worth $77,868,000 after buying an additional 623,093 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Louisiana-Pacific in the first quarter worth $16,624,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Louisiana-Pacific by 51.6% in the second quarter. Wells Fargo & Company MN now owns 1,379,325 shares of the construction company’s stock worth $37,546,000 after buying an additional 469,279 shares during the last quarter. 92.25% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on LPX shares. Zacks Investment Research raised shares of Louisiana-Pacific from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Monday, July 9th. Bank of America raised shares of Louisiana-Pacific from a “neutral” rating to a “buy” rating and set a $37.00 price target for the company in a report on Monday, July 16th. Finally, ValuEngine cut shares of Louisiana-Pacific from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Louisiana-Pacific currently has an average rating of “Hold” and a consensus price target of $33.25.
Louisiana-Pacific (NYSE:LPX) last issued its earnings results on Tuesday, August 7th. The construction company reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.10. Louisiana-Pacific had a net margin of 16.85% and a return on equity of 28.21%. The firm had revenue of $810.80 million during the quarter, compared to analysts’ expectations of $788.55 million. As a group, equities analysts anticipate that Louisiana-Pacific Co. will post 3.1 earnings per share for the current fiscal year.
Louisiana-Pacific announced that its board has approved a stock buyback plan on Tuesday, August 7th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to buy up to 3.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Lizanne C. Gottung sold 7,000 shares of the firm’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $29.25, for a total transaction of $204,750.00. Following the completion of the transaction, the director now owns 18,115 shares of the company’s stock, valued at $529,863.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael Emory Kinney sold 11,815 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $31.05, for a total transaction of $366,855.75. Following the sale, the chief financial officer now owns 32,042 shares in the company, valued at approximately $994,904.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,287 shares of company stock valued at $1,180,736. 0.50% of the stock is currently owned by corporate insiders.
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.
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