Fmr LLC cut its holdings in Louisiana-Pacific Co. (NYSE:LPX) by 54.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 453,642 shares of the construction company’s stock after selling 547,471 shares during the quarter. Fmr LLC’s holdings in Louisiana-Pacific were worth $12,348,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Synovus Financial Corp increased its position in shares of Louisiana-Pacific by 174.8% in the second quarter. Synovus Financial Corp now owns 4,672 shares of the construction company’s stock valued at $127,000 after buying an additional 2,972 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of Louisiana-Pacific during the second quarter worth approximately $174,000. Bayesian Capital Management LP purchased a new stake in shares of Louisiana-Pacific during the first quarter worth approximately $247,000. CIBC World Markets Inc. purchased a new stake in shares of Louisiana-Pacific during the first quarter worth approximately $326,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Louisiana-Pacific during the first quarter worth approximately $341,000. Institutional investors and hedge funds own 92.25% of the company’s stock.
Shares of LPX opened at $24.77 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.68 and a quick ratio of 4.57. Louisiana-Pacific Co. has a one year low of $24.38 and a one year high of $32.16. The company has a market cap of $3.78 billion, a P/E ratio of 10.63, a PEG ratio of 1.71 and a beta of 1.43.
Louisiana-Pacific announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 7th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
Several analysts recently commented on the company. ValuEngine cut Louisiana-Pacific from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Zacks Investment Research cut Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 10th. Finally, Bank of America upgraded Louisiana-Pacific from a “neutral” rating to a “buy” rating and set a $37.00 price target for the company in a research report on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $33.25.
In other Louisiana-Pacific news, Director Lizanne C. Gottung sold 7,000 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $29.25, for a total value of $204,750.00. Following the completion of the sale, the director now directly owns 18,115 shares in the company, valued at approximately $529,863.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Neil Sherman sold 7,430 shares of the company’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $31.74, for a total value of $235,828.20. Following the completion of the sale, the executive vice president now owns 51,708 shares of the company’s stock, valued at $1,641,211.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,287 shares of company stock valued at $1,180,736. 0.50% of the stock is owned by company insiders.
Louisiana-Pacific Corporation, together with its subsidiaries, manufactures building products primarily for use in new home construction, repair and remodeling, and outdoor structures, as well as light industrial and commercial construction applications. It operates through four segments: Siding; North America Oriented Strand Board (OSB); Engineered Wood Products; and South America.
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