Schroder Investment Management Group decreased its holdings in shares of Norbord Inc (NYSE:OSB) by 84.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 115,711 shares of the construction company’s stock after selling 642,611 shares during the period. Schroder Investment Management Group’s holdings in Norbord were worth $3,756,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc raised its stake in shares of Norbord by 30.7% in the 1st quarter. CIBC Asset Management Inc now owns 37,093 shares of the construction company’s stock valued at $1,022,000 after purchasing an additional 8,708 shares in the last quarter. TD Asset Management Inc. raised its position in Norbord by 21.1% during the first quarter. TD Asset Management Inc. now owns 806,301 shares of the construction company’s stock worth $22,222,000 after acquiring an additional 140,535 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in Norbord during the first quarter worth $3,189,000. Freestone Capital Holdings LLC raised its position in Norbord by 74.7% during the first quarter. Freestone Capital Holdings LLC now owns 208,638 shares of the construction company’s stock worth $5,748,000 after acquiring an additional 89,244 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its position in Norbord by 13.3% during the first quarter. Pictet Asset Management Ltd. now owns 720,784 shares of the construction company’s stock worth $19,866,000 after acquiring an additional 84,467 shares in the last quarter. Institutional investors own 79.06% of the company’s stock.
Shares of Norbord stock opened at $23.54 on Friday. Norbord Inc has a 52-week low of $19.46 and a 52-week high of $42.23. The stock’s 50-day simple moving average is $22.95 and its 200 day simple moving average is $24.12. The stock has a market capitalization of $1.92 billion, a P/E ratio of 4.99 and a beta of 2.01. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.14 and a current ratio of 1.64.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, August 30th will be issued a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date is Thursday, August 29th. This is a positive change from Norbord’s previous quarterly dividend of $0.30. Norbord’s payout ratio is presently 25.42%.
Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of Norbord from a “hold” rating to a “sell” rating in a research report on Tuesday, July 16th. TheStreet cut Norbord from a “b-” rating to a “c+” rating in a research note on Tuesday, June 11th. Royal Bank of Canada restated an “average” rating and issued a $40.00 price objective on shares of Norbord in a research note on Tuesday, July 9th. Raymond James restated a “buy” rating and issued a $41.00 price objective on shares of Norbord in a research note on Tuesday, July 16th. Finally, ValuEngine upgraded Norbord from a “hold” rating to a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.33.
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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