Russell Investments Group Ltd. lessened its stake in Norbord Inc (NYSE:OSB) by 47.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 113,852 shares of the construction company’s stock after selling 103,955 shares during the period. Russell Investments Group Ltd.’s holdings in Norbord were worth $4,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Norbord by 5.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,727,194 shares of the construction company’s stock valued at $112,077,000 after acquiring an additional 146,300 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Norbord by 24.4% in the second quarter. Acadian Asset Management LLC now owns 2,337,800 shares of the construction company’s stock valued at $96,071,000 after acquiring an additional 459,177 shares in the last quarter. Royal Bank of Canada boosted its stake in Norbord by 14.2% in the first quarter. Royal Bank of Canada now owns 1,952,515 shares of the construction company’s stock valued at $70,935,000 after acquiring an additional 243,274 shares in the last quarter. TD Asset Management Inc. boosted its stake in Norbord by 62.8% in the second quarter. TD Asset Management Inc. now owns 931,503 shares of the construction company’s stock valued at $38,281,000 after acquiring an additional 359,456 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Norbord by 61.5% in the first quarter. Hillsdale Investment Management Inc. now owns 740,148 shares of the construction company’s stock valued at $26,831,000 after acquiring an additional 281,800 shares in the last quarter. Institutional investors own 76.86% of the company’s stock.
Several equities analysts have issued reports on the stock. ValuEngine upgraded shares of Norbord from a “sell” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Norbord from a “hold” rating to a “strong-buy” rating and set a $44.00 target price for the company in a research note on Saturday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $42.29.
Norbord (NYSE:OSB) last announced its earnings results on Thursday, August 2nd. The construction company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.31. Norbord had a net margin of 22.75% and a return on equity of 48.17%. The business had revenue of $707.00 million during the quarter, compared to the consensus estimate of $682.27 million. During the same quarter in the prior year, the firm earned $1.10 earnings per share. The business’s quarterly revenue was up 31.9% compared to the same quarter last year. sell-side analysts anticipate that Norbord Inc will post 5.7 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Saturday, September 1st will be paid a dividend of $3.459 per share. This is an increase from Norbord’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $13.84 annualized dividend and a dividend yield of 34.51%. Norbord’s dividend payout ratio is 306.68%.
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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