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

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

A number of other equities research analysts have also weighed in on OSB. Royal Bank of Canada restated a sector perform rating and set a GBX 485 ($6.34) price objective on shares of in a research report on Tuesday. Raymond James set a $60.00 price objective on Banner and gave the stock a buy rating in a research report on Friday, May 3rd. ValuEngine lowered Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. TD Securities reduced their price objective on TRANSAT AT from C$15.00 to C$11.00 and set a hold rating on the stock in a research report on Friday, May 3rd. Finally, TheStreet lowered Twin Disc from a b- rating to a c+ rating in a research report on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $36.29.

OSB stock traded up $0.01 during midday trading on Wednesday, reaching $23.77. 122,300 shares of the stock were exchanged, compared to its average volume of 183,556. The company has a market cap of $1.99 billion, a PE ratio of 5.04 and a beta of 2.07. Norbord has a 52 week low of $19.46 and a 52 week high of $44.15. The company has a quick ratio of 0.85, a current ratio of 1.80 and a debt-to-equity ratio of 0.78. The firm has a fifty day moving average of $22.61.

Norbord (NYSE:OSB) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.06). The firm had revenue of $476.00 million for the quarter, compared to the consensus estimate 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 will post 1.66 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Saturday, June 1st were issued a dividend of $0.299 per share. This represents a $1.20 annualized dividend and a yield of 5.03%. The ex-dividend date of this dividend was Thursday, May 30th. Norbord’s payout ratio is presently 25.00%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its holdings in Norbord by 3.9% during the 4th quarter. Legal & General Group Plc now owns 13,916 shares of the construction company’s stock worth $370,000 after buying an additional 526 shares during the period. Renaissance Group LLC lifted its holdings in Norbord by 3.0% during the 1st quarter. Renaissance Group LLC now owns 23,301 shares of the construction company’s stock worth $642,000 after buying an additional 689 shares during the period. Great West Life Assurance Co. Can lifted its holdings in Norbord by 9.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 9,739 shares of the construction company’s stock worth $252,000 after buying an additional 860 shares during the period. CIBC Asset Management Inc lifted its holdings in Norbord by 3.2% during the 4th quarter. CIBC Asset Management Inc now owns 28,385 shares of the construction company’s stock worth $755,000 after buying an additional 874 shares during the period. Finally, Cozad Asset Management Inc. lifted its holdings in Norbord by 3.0% during the 1st quarter. Cozad Asset Management Inc. now owns 39,005 shares of the construction company’s stock worth $1,075,000 after buying an additional 1,135 shares during the period. 79.10% of the stock is currently owned by hedge funds and other institutional investors.

Norbord Company Profile

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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