Retirement Systems of Alabama cut its position in shares of Louisiana-Pacific Co. (NYSE:LPX) by 1.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 184,435 shares of the construction company’s stock after selling 3,554 shares during the quarter. Retirement Systems of Alabama’s holdings in Louisiana-Pacific were worth $4,886,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Empowered Funds LLC acquired a new position in shares of Louisiana-Pacific in the 3rd quarter worth approximately $3,006,000. Empirical Finance LLC bought a new position in Louisiana-Pacific in the 3rd quarter worth approximately $1,371,000. Seven Eight Capital LP bought a new position in Louisiana-Pacific in the 3rd quarter worth approximately $2,527,000. TRUE Private Wealth Advisors bought a new position in Louisiana-Pacific in the 3rd quarter worth approximately $168,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd raised its position in Louisiana-Pacific by 34.4% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,606,707 shares of the construction company’s stock worth $69,051,000 after purchasing an additional 667,019 shares during the last quarter. 92.63% of the stock is currently owned by institutional investors.
Several research firms recently weighed in on LPX. Seaport Global Securities began coverage on shares of Louisiana-Pacific in a research report on Tuesday, October 23rd. They issued a “buy” rating and a $31.00 price objective for the company. ValuEngine cut shares of Louisiana-Pacific from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. BMO Capital Markets upgraded shares of Louisiana-Pacific from an “underperform” rating to a “market perform” rating and dropped their price objective for the stock from $27.00 to $24.00 in a research report on Monday, October 22nd. They noted that the move was a valuation call. Zacks Investment Research cut shares of Louisiana-Pacific from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 10th. Finally, Bank of America upgraded shares of Louisiana-Pacific from a “neutral” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Louisiana-Pacific currently has an average rating of “Hold” and a consensus target price of $32.13.
In other Louisiana-Pacific news, CEO William Bradley Southern sold 12,042 shares of the company’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $31.00, for a total transaction of $373,302.00. Following the completion of the sale, the chief executive officer now owns 196,518 shares in the company, valued at approximately $6,092,058. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lizanne C. Gottung sold 7,000 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $29.25, for a total transaction of $204,750.00. Following the sale, the director now owns 18,115 shares of the company’s stock, valued at approximately $529,863.75. The disclosure for this sale can be found here. Insiders have sold a total of 38,287 shares of company stock valued at $1,180,736 in the last quarter. Corporate insiders own 0.50% of the company’s stock.
LPX stock opened at $22.92 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.68 and a quick ratio of 4.57. Louisiana-Pacific Co. has a fifty-two week low of $20.89 and a fifty-two week high of $32.16. The company has a market capitalization of $3.31 billion, a P/E ratio of 9.84, a P/E/G ratio of 1.67 and a beta of 1.61.
Louisiana-Pacific (NYSE:LPX) last posted its quarterly earnings data on Tuesday, August 7th. The construction company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.10. Louisiana-Pacific had a net margin of 16.85% and a return on equity of 28.21%. The firm had revenue of $810.80 million during the quarter, compared to analysts’ expectations of $788.55 million. As a group, sell-side analysts forecast that Louisiana-Pacific Co. will post 2.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, November 15th. Louisiana-Pacific’s dividend payout ratio (DPR) is presently 22.32%.
Louisiana-Pacific announced that its Board of Directors has approved a stock repurchase plan on Tuesday, August 7th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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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