CIBC Raises Norbord (NYSE:OSB) Price Target to $50.00

Norbord (NYSE:OSB) had its price target increased by CIBC from $45.00 to $50.00 in a research report released on Thursday, The Fly reports. They currently have an outperform rating on the construction company’s stock.

Several other research analysts have also recently commented on OSB. Credit Suisse Group boosted their target price on Norbord from $20.00 to $30.00 and gave the stock an underperform rating in a research note on Tuesday, July 7th. Raymond James reissued a buy rating on shares of Norbord in a research note on Thursday, May 7th. ValuEngine cut Norbord from a buy rating to a hold rating in a research note on Wednesday, July 8th. TD Securities cut Norbord from an action list buy rating to a buy rating and upped their price objective for the stock from $20.00 to $22.00 in a research report on Thursday, May 7th. Finally, Zacks Investment Research cut Norbord from a buy rating to a hold rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $38.43.

Shares of NYSE:OSB traded up $0.13 during mid-day trading on Thursday, reaching $32.57. 251,147 shares of the company traded hands, compared to its average volume of 228,571. The company’s 50 day moving average price is $25.10 and its 200-day moving average price is $22.07. The firm has a market cap of $2.66 billion, a PE ratio of -120.63 and a beta of 2.53. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.27 and a quick ratio of 1.06. Norbord has a 52 week low of $8.92 and a 52 week high of $33.70.

Norbord (NYSE:OSB) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.02). Norbord had a negative return on equity of 0.99% and a negative net margin of 1.34%. The business had revenue of $467.00 million during the quarter, compared to analysts’ expectations of $436.57 million. During the same period in the prior year, the firm posted ($0.02) earnings per share. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, research analysts predict that Norbord will post 1.23 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Institute for Wealth Management LLC. purchased a new position in Norbord during the 2nd quarter worth approximately $208,000. CIBC Asset Management Inc grew its position in shares of Norbord by 3.9% in the 2nd quarter. CIBC Asset Management Inc now owns 31,876 shares of the construction company’s stock valued at $725,000 after acquiring an additional 1,186 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Norbord by 122.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,082 shares of the construction company’s stock valued at $185,000 after acquiring an additional 4,453 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Norbord by 253.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 103,404 shares of the construction company’s stock valued at $2,359,000 after acquiring an additional 74,147 shares during the period. Finally, 1832 Asset Management L.P. lifted its stake in shares of Norbord by 341.0% during the 1st quarter. 1832 Asset Management L.P. now owns 453,790 shares of the construction company’s stock worth $5,660,000 after buying an additional 350,890 shares during the last quarter. 82.11% of the stock is owned by institutional investors and hedge funds.

About Norbord

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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