Norbord (NYSE:OSB) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Norbord (NYSE:OSB) from a sell rating to a hold rating in a research note released on Thursday morning, ValuEngine reports.

Several other brokerages have also recently weighed in on OSB. TheStreet cut Norbord from a b- rating to a c+ rating in a research note on Tuesday, June 11th. Zacks Investment Research cut Norbord from a hold rating to a sell rating in a research note on Tuesday, July 16th. BMO Capital Markets raised Norbord from a market perform rating to an outperform rating and raised their target price for the company from $26.00 to $28.00 in a research note on Friday, June 14th. TD Securities decreased their target price on Norbord from $32.00 to $30.00 and set a buy rating for the company in a research note on Friday, May 3rd. Finally, Raymond James reaffirmed a buy rating and set a $41.00 target price on shares of Norbord in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $34.33.

OSB stock traded down $1.22 during trading hours on Thursday, hitting $20.98. 7,162 shares of the stock traded hands, compared to its average volume of 140,266. The firm has a 50-day moving average of $23.91. Norbord has a one year low of $19.46 and a one year high of $44.15. The firm has a market capitalization of $1.81 billion, a P/E ratio of 4.45 and a beta of 2.07. The company has a current ratio of 1.80, a quick ratio of 0.85 and a debt-to-equity ratio of 0.78.

Norbord (NYSE:OSB) last announced its earnings results on Thursday, August 1st. The construction company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.01. Norbord had a return on equity of 15.63% and a net margin of 4.31%. The business had revenue of $447.00 million during the quarter, compared to analysts’ expectations of $466.51 million. During the same quarter last year, the business posted $1.92 earnings per share. The company’s quarterly revenue was down 36.8% on a year-over-year basis. On average, equities research analysts anticipate that Norbord will post 0.98 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, August 30th will be issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 5.78%. This is an increase from Norbord’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, August 29th. Norbord’s dividend payout ratio is currently 25.00%.

Several hedge funds and other institutional investors have recently made changes to their positions in OSB. Norges Bank purchased a new stake in shares of Norbord during the fourth quarter valued at $37,815,000. Formula Growth Ltd. purchased a new stake in shares of Norbord during the first quarter valued at $7,439,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of Norbord by 625.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 238,860 shares of the construction company’s stock valued at $8,338,000 after purchasing an additional 205,936 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its holdings in shares of Norbord by 3.3% during the second quarter. Letko Brosseau & Associates Inc. now owns 5,397,009 shares of the construction company’s stock valued at $134,063,000 after purchasing an additional 173,060 shares during the last quarter. Finally, TD Asset Management Inc. lifted its holdings in shares of Norbord by 21.1% during the first quarter. TD Asset Management Inc. now owns 806,301 shares of the construction company’s stock valued at $22,222,000 after purchasing an additional 140,535 shares during the last quarter. 79.08% of the stock is owned by institutional investors and hedge funds.

About Norbord

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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Analyst Recommendations for Norbord (NYSE:OSB)

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