Bank of New York Mellon Corp Reduces Stake in Louisiana-Pacific Co. (NYSE:LPX)

Posted by Defense World Staff on Mar 12th, 2023

Bank of New York Mellon Corp cut its stake in shares of Louisiana-Pacific Co. (NYSE:LPX – Get Rating) by 9.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 857,455 shares of the building manufacturing company’s stock after selling 90,060 shares during the period. Bank of New York Mellon Corp owned about 1.20% of Louisiana-Pacific worth $43,892,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Zions Bancorporation N.A. purchased a new position in Louisiana-Pacific during the first quarter valued at $25,000. Atlas Capital Advisors LLC purchased a new position in Louisiana-Pacific during the second quarter valued at $42,000. CNB Bank purchased a new position in Louisiana-Pacific during the second quarter valued at $66,000. Wipfli Financial Advisors LLC purchased a new position in Louisiana-Pacific during the third quarter valued at $85,000. Finally, Covestor Ltd lifted its position in Louisiana-Pacific by 35.2% during the first quarter. Covestor Ltd now owns 1,720 shares of the building manufacturing company’s stock valued at $107,000 after purchasing an additional 448 shares in the last quarter. 99.23% of the stock is currently owned by hedge funds and other institutional investors.

Louisiana-Pacific Trading Down 2.7 %

Shares of LPX stock opened at $55.85 on Friday. Louisiana-Pacific Co. has a 12-month low of $48.20 and a 12-month high of $78.09. The company has a current ratio of 2.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average price is $63.11 and its 200-day moving average price is $59.34. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 4.21 and a beta of 1.65.

Louisiana-Pacific (NYSE:LPX – Get Rating) last issued its earnings results on Tuesday, February 21st. The building manufacturing company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.03. Louisiana-Pacific had a return on equity of 64.50% and a net margin of 26.99%. The firm had revenue of $705.00 million for the quarter, compared to analysts’ expectations of $695.37 million. During the same period in the previous year, the firm posted $2.24 earnings per share. The business’s revenue was down 15.6% compared to the same quarter last year. Equities research analysts predict that Louisiana-Pacific Co. will post 2.59 EPS for the current fiscal year.

Louisiana-Pacific Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 10th will be paid a dividend of $0.24 per share. This is a boost from Louisiana-Pacific’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, March 9th. Louisiana-Pacific’s payout ratio is presently 7.23%.

Insiders Place Their Bets

In other Louisiana-Pacific news, Director Lizanne C. Gottung sold 3,587 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $62.52, for a total transaction of $224,259.24. Following the sale, the director now directly owns 27,470 shares of the company’s stock, valued at $1,717,424.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LPX. Truist Financial decreased their price target on Louisiana-Pacific from $49.00 to $47.00 and set a “hold” rating on the stock in a report on Monday, February 27th. DA Davidson cut Louisiana-Pacific from a “buy” rating to a “neutral” rating and decreased their price target for the company from $69.00 to $63.00 in a report on Thursday, January 12th. Finally, TD Securities decreased their price target on Louisiana-Pacific from $72.00 to $65.00 and set a “hold” rating on the stock in a report on Wednesday, February 22nd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.20.

Louisiana-Pacific Company Profile

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Louisiana-Pacific Corp. engages in the provision of building solutions. It operates through the following segments: Siding, Oriented Strand Board (OSB), South America, and Other. The Siding segment offers engineered wood siding under the brands of LP, SmartSide, Trim and Siding LP, SmartSide, ExpertFinish, Trim and Siding, LP BuilderSeries, Lap Siding, and Outdoor Building Solutions.