Norbord Inc. (NYSE:OSB) was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 1,687,915 shares, an increase of 127.7% from the April 30th total of 741,143 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 161,893 shares, the short-interest ratio is currently 10.4 days.
Several institutional investors and hedge funds have recently made changes to their positions in OSB. Ladenburg Thalmann Financial Services Inc. acquired a new position in shares of Norbord in the 4th quarter worth approximately $139,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Norbord in the 4th quarter worth approximately $242,000. Citadel Advisors LLC acquired a new position in shares of Norbord in the 4th quarter worth approximately $289,000. Vertex One Asset Management Inc. acquired a new position in shares of Norbord in the 4th quarter worth approximately $339,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Norbord by 22.7% in the 4th quarter. Bank of New York Mellon Corp now owns 10,273 shares of the construction company’s stock worth $348,000 after purchasing an additional 1,901 shares during the last quarter. 76.26% of the stock is currently owned by institutional investors.
Shares of Norbord opened at $41.82 on Friday, according to MarketBeat.com. The company has a market capitalization of $3.62 billion, a PE ratio of 9.59, a price-to-earnings-growth ratio of 1.08 and a beta of 2.57. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.22. Norbord has a 12-month low of $28.16 and a 12-month high of $43.13.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 21st. Stockholders of record on Friday, June 1st will be paid a $0.4683 dividend. The ex-dividend date is Thursday, May 31st. This represents a $1.87 annualized dividend and a dividend yield of 4.48%. Norbord’s dividend payout ratio is currently 41.65%.
OSB has been the topic of several research analyst reports. Zacks Investment Research cut shares of Norbord from a “strong-buy” rating to a “sell” rating in a research note on Friday, April 6th. Bank of America raised their target price on shares of Norbord from $34.00 to $35.00 and gave the company an “underperform” rating in a research note on Friday, May 4th. Credit Suisse Group cut shares of Norbord from an “outperform” rating to a “hold” rating and set a $54.00 target price on the stock. in a research note on Tuesday, May 1st. ValuEngine cut shares of Norbord from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, TD Securities raised their target price on shares of Norbord from $38.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, February 5th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $42.43.
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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