Short Interest in Norbord Inc (NYSE:OSB) Declines By 18.7%

Norbord Inc (NYSE:OSB) saw a significant drop in short interest in June. As of June 30th, there was short interest totalling 1,090,000 shares, a drop of 18.7% from the June 15th total of 1,340,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 300,900 shares, the short-interest ratio is presently 3.6 days.

Institutional investors have recently modified their holdings of the stock. Credit Suisse AG lifted its stake in shares of Norbord by 567.9% during the fourth quarter. Credit Suisse AG now owns 297,543 shares of the construction company’s stock worth $7,954,000 after purchasing an additional 252,992 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Norbord by 6,822.0% during the fourth quarter. Bank of New York Mellon Corp now owns 910,863 shares of the construction company’s stock worth $24,347,000 after purchasing an additional 897,704 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Norbord by 244.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 99,895 shares of the construction company’s stock worth $2,670,000 after purchasing an additional 70,878 shares in the last quarter. CIBC World Markets Inc. lifted its stake in shares of Norbord by 77.2% during the first quarter. CIBC World Markets Inc. now owns 74,263 shares of the construction company’s stock worth $879,000 after purchasing an additional 32,351 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Norbord by 191.1% during the first quarter. Deutsche Bank AG now owns 153,134 shares of the construction company’s stock worth $1,813,000 after purchasing an additional 100,522 shares in the last quarter. Hedge funds and other institutional investors own 82.11% of the company’s stock.

A number of equities research analysts have recently commented on the company. TD Securities downgraded Norbord from an “action list buy” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $22.00 in a research report on Thursday, May 7th. Zacks Investment Research raised Norbord from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Wednesday, June 10th. ValuEngine downgraded Norbord from a “buy” rating to a “hold” rating in a research report on Wednesday. CIBC lifted their price objective on Norbord from $37.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Royal Bank of Canada raised Norbord from a “sector perform” rating to an “outperform” rating and set a $44.00 price objective for the company in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Norbord has a consensus rating of “Buy” and a consensus target price of $36.67.

Norbord stock traded up $0.24 during midday trading on Wednesday, reaching $24.30. The stock had a trading volume of 167,800 shares, compared to its average volume of 303,520. Norbord has a twelve month low of $8.92 and a twelve month high of $33.70. The stock has a market capitalization of $1.96 billion, a PE ratio of -90.00 and a beta of 2.53. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.06 and a current ratio of 2.27. The stock’s 50-day simple moving average is $20.84 and its 200 day simple moving average is $21.78.

Norbord (NYSE:OSB) last issued its earnings results on Wednesday, May 6th. The construction company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.02). Norbord had a negative net margin of 1.34% and a negative return on equity of 0.99%. The firm had revenue of $467.00 million during the quarter, compared to analyst estimates of $436.57 million. During the same quarter in the previous year, the business posted ($0.02) EPS. Norbord’s revenue was down 1.9% compared to the same quarter last year. Equities analysts predict that Norbord will post 0.78 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Monday, June 1st were issued a $0.036 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Friday, May 29th. Norbord’s payout ratio is currently -40.54%.

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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