Norbord (NYSE:OSB) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Norbord (NYSE:OSB) from a sell rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Norbord Inc. is a producer of wood-based panels. It operates primarily in the United States, Europe and Canada. Norbord Inc. is headquartered in Toronto, Canada. “

OSB has been the topic of a number of other reports. BMO Capital Markets reaffirmed a hold rating and set a $9.50 price target on shares of Vicon Industries in a research note on Friday, June 14th. TheStreet cut shares of Twin Disc from a b- rating to a c+ rating in a research note on Tuesday, June 11th. TD Securities lowered their price target on shares of TRANSAT AT from C$15.00 to C$11.00 and set a hold rating on the stock in a research note on Friday, May 3rd. CIBC upped their price target on shares of Stella-Jones from C$51.00 to C$53.00 in a research note on Tuesday, May 7th. Finally, ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. 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 stock. Norbord presently has an average rating of Buy and an average price target of $36.29.

Shares of Norbord stock opened at $23.54 on Wednesday. The stock has a market cap of $1.94 billion, a P/E ratio of 6.58 and a beta of 2.07. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.85 and a current ratio of 1.80. Norbord has a one year low of $19.46 and a one year high of $44.15. The stock’s fifty day moving average price is $22.66.

Norbord (NYSE:OSB) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.06). Norbord had a return on equity of 32.42% and a net margin of 11.92%. The company had revenue of $476.00 million for the quarter, compared to analyst estimates of $462.00 million. As a group, equities analysts anticipate that Norbord will post 1.66 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Saturday, June 1st were paid a $0.299 dividend. The ex-dividend date was Thursday, May 30th. This represents a $1.20 dividend on an annualized basis and a yield of 5.08%. Norbord’s payout ratio is 25.00%.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC purchased a new position in Norbord in the 1st quarter valued at about $45,000. Beutel Goodman & Co Ltd. purchased a new position in Norbord in the 1st quarter valued at about $71,000. PNC Financial Services Group Inc. lifted its holdings in Norbord by 201.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,482 shares of the construction company’s stock valued at $93,000 after purchasing an additional 2,325 shares in the last quarter. RBF Capital LLC purchased a new position in Norbord in the 4th quarter valued at about $213,000. Finally, Great West Life Assurance Co. Can lifted its holdings in Norbord by 9.7% in the 4th quarter. Great West Life Assurance Co. Can now owns 9,739 shares of the construction company’s stock valued at $252,000 after purchasing an additional 860 shares in the last quarter. 79.10% of the stock is currently owned by hedge funds and other institutional investors.

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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