Bank of New York Mellon Corp Grows Stake in Norbord Inc (OSB)
Bank of New York Mellon Corp lifted its position in Norbord Inc (NYSE:OSB) by 120.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,629 shares of the construction company’s stock after buying an additional 23,305 shares during the period. Bank of New York Mellon Corp’s holdings in Norbord were worth $1,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Norbord by 10.9% in the 1st quarter. BlackRock Inc. now owns 42,230 shares of the construction company’s stock worth $1,534,000 after buying an additional 4,134 shares during the last quarter. Navellier & Associates Inc purchased a new position in shares of Norbord in the 2nd quarter worth $794,000. Cornerstone Wealth Management LLC purchased a new position in shares of Norbord in the 2nd quarter worth $264,000. James Investment Research Inc. boosted its stake in shares of Norbord by 11.2% in the 2nd quarter. James Investment Research Inc. now owns 68,777 shares of the construction company’s stock worth $2,828,000 after buying an additional 6,930 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Norbord by 4.2% in the 2nd quarter. Bank of Montreal Can now owns 504,520 shares of the construction company’s stock worth $20,745,000 after buying an additional 20,239 shares during the last quarter. Hedge funds and other institutional investors own 76.86% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Norbord from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 19th. ValuEngine downgraded Norbord from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Finally, Vertical Research upgraded Norbord from a “hold” rating to a “buy” rating in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $42.29.
Norbord (NYSE:OSB) last released its earnings results on Thursday, August 2nd. The construction company reported $1.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.31. The company had revenue of $707.00 million for the quarter, compared to the consensus estimate of $682.27 million. Norbord had a return on equity of 48.17% and a net margin of 22.75%. Norbord’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.10 earnings per share. On average, equities research analysts anticipate that Norbord Inc will post 5.7 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Saturday, September 1st were given a dividend of $3.459 per share. The ex-dividend date of this dividend was Thursday, August 30th. This is an increase from Norbord’s previous quarterly dividend of $0.47. This represents a $13.84 annualized dividend and a yield of 50.74%. Norbord’s payout ratio is 306.68%.
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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