Northern Trust Corp cut its stake in Louisiana-Pacific Co. (NYSE:LPX) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,234,036 shares of the construction company’s stock after selling 35,517 shares during the quarter. Northern Trust Corp owned approximately 1.57% of Louisiana-Pacific worth $60,810,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in shares of Louisiana-Pacific by 13.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,130,293 shares of the construction company’s stock valued at $30,767,000 after purchasing an additional 136,163 shares during the period. GAM Holding AG increased its position in Louisiana-Pacific by 41.0% during the second quarter. GAM Holding AG now owns 60,915 shares of the construction company’s stock worth $1,658,000 after acquiring an additional 17,722 shares during the period. Baird Financial Group Inc. bought a new position in Louisiana-Pacific during the second quarter worth about $1,259,000. Van ECK Associates Corp increased its position in Louisiana-Pacific by 3.5% during the second quarter. Van ECK Associates Corp now owns 1,483,442 shares of the construction company’s stock worth $40,379,000 after acquiring an additional 50,410 shares during the period. Finally, HL Financial Services LLC increased its position in Louisiana-Pacific by 5.7% during the second quarter. HL Financial Services LLC now owns 283,312 shares of the construction company’s stock worth $7,712,000 after acquiring an additional 15,195 shares during the period. 92.25% of the stock is currently owned by institutional investors.
NYSE:LPX opened at $24.82 on Tuesday. Louisiana-Pacific Co. has a 52 week low of $24.38 and a 52 week high of $32.16. The stock has a market cap of $3.78 billion, a P/E ratio of 10.65, a price-to-earnings-growth ratio of 1.71 and a beta of 1.43. The company has a debt-to-equity ratio of 0.20, a quick ratio of 4.57 and a current ratio of 5.68.
Louisiana-Pacific declared that its board has approved a stock repurchase plan on Tuesday, August 7th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 3.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other Louisiana-Pacific news, EVP Neil Sherman sold 7,430 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $31.74, for a total value of $235,828.20. Following the transaction, the executive vice president now directly owns 51,708 shares of the company’s stock, valued at approximately $1,641,211.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lizanne C. Gottung sold 7,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $29.25, for a total transaction of $204,750.00. Following the completion of the transaction, the director now directly owns 18,115 shares in the company, valued at $529,863.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,287 shares of company stock worth $1,180,736. Insiders own 0.50% of the company’s stock.
A number of equities analysts recently commented on LPX shares. Bank of America raised shares of Louisiana-Pacific from a “neutral” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Monday, July 16th. Zacks Investment Research raised shares of Louisiana-Pacific from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Monday, July 9th. Finally, ValuEngine lowered shares of Louisiana-Pacific from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Louisiana-Pacific has a consensus rating of “Hold” and a consensus target price of $33.25.
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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