59 North Capital Management LP Has $240.86 Million Stake in Louisiana-Pacific Corporation $LPX

Key Points

• 59 North Capital Management LP increased its holdings in Louisiana-Pacific Corporation by 32.1%, owning 2,618,643 shares worth approximately $240.86 million, making it the firm’s fifth largest investment.
• Louisiana-Pacific reported $0.99 EPS for the quarter, exceeding expectations, with revenue of $755 million, although this represents a 7.2% decline year-over-year.
• The company recently declared a quarterly dividend of $0.28 per share, which reflects a 1.2% yield and a payout ratio of 26.42%.

59 North Capital Management LP lifted its stake in shares of Louisiana-Pacific Corporation (NYSE:LPX - Free Report) by 32.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,618,643 shares of the building manufacturing company's stock after purchasing an additional 635,817 shares during the quarter. Louisiana-Pacific comprises 8.7% of 59 North Capital Management LP's investment portfolio, making the stock its 5th biggest holding. 59 North Capital Management LP owned about 3.76% of Louisiana-Pacific worth $240,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in LPX. UMB Bank n.a. raised its holdings in shares of Louisiana-Pacific by 76.1% in the 1st quarter. UMB Bank n.a. now owns 560 shares of the building manufacturing company's stock worth $52,000 after acquiring an additional 242 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Louisiana-Pacific by 41.5% in the 1st quarter. Fifth Third Bancorp now owns 1,040 shares of the building manufacturing company's stock worth $96,000 after acquiring an additional 305 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Louisiana-Pacific by 67.2% in the 1st quarter. First Horizon Advisors Inc. now owns 1,204 shares of the building manufacturing company's stock worth $111,000 after acquiring an additional 484 shares during the last quarter. Leavell Investment Management Inc. raised its holdings in shares of Louisiana-Pacific by 11.6% in the 1st quarter. Leavell Investment Management Inc. now owns 2,231 shares of the building manufacturing company's stock worth $205,000 after acquiring an additional 231 shares during the last quarter. Finally, Breed s Hill Capital LLC acquired a new stake in shares of Louisiana-Pacific in the 4th quarter worth about $207,000. Institutional investors and hedge funds own 94.73% of the company's stock.

Analysts Set New Price Targets

LPX has been the topic of a number of analyst reports. Truist Financial lowered their target price on shares of Louisiana-Pacific from $111.00 to $108.00 and set a "buy" rating on the stock in a report on Friday, July 11th. DA Davidson decreased their price objective on shares of Louisiana-Pacific from $123.00 to $117.00 and set a "buy" rating for the company in a research note on Wednesday, June 25th. Finally, Wall Street Zen lowered shares of Louisiana-Pacific from a "hold" rating to a "sell" rating in a research note on Sunday, August 3rd. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $106.13.

Insider Activity at Louisiana-Pacific

In other news, Director Lizanne C. Gottung sold 1,179 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $89.52, for a total transaction of $105,544.08. Following the completion of the sale, the director owned 18,838 shares in the company, valued at $1,686,377.76. This trade represents a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ozey K. Horton, Jr. sold 500 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $101.00, for a total transaction of $50,500.00. Following the completion of the transaction, the director directly owned 29,728 shares of the company's stock, valued at approximately $3,002,528. This trade represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.42% of the company's stock.

Louisiana-Pacific Stock Performance

Shares of LPX stock traded up $2.21 during trading hours on Friday, hitting $98.97. 966,650 shares of the company were exchanged, compared to its average volume of 865,240. The firm has a fifty day simple moving average of $92.81 and a 200 day simple moving average of $91.40. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. Louisiana-Pacific Corporation has a 52-week low of $78.82 and a 52-week high of $122.87. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 23.34, a P/E/G ratio of 2.16 and a beta of 1.84.

Louisiana-Pacific (NYSE:LPX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The building manufacturing company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.02. Louisiana-Pacific had a net margin of 10.34% and a return on equity of 18.67%. The company had revenue of $755.00 million during the quarter, compared to analyst estimates of $751.15 million. During the same quarter last year, the business posted $2.09 EPS. Louisiana-Pacific's quarterly revenue was down 7.2% compared to the same quarter last year. Research analysts predict that Louisiana-Pacific Corporation will post 5.27 earnings per share for the current fiscal year.

Louisiana-Pacific Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, August 15th. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. Louisiana-Pacific's dividend payout ratio (DPR) is presently 26.42%.

About Louisiana-Pacific

Louisiana-Pacific Corporation, together with its subsidiaries, provides building solutions primarily for use in new home construction, repair and remodeling, and outdoor structure markets. It operates through Siding, Oriented Strand Board, LP South America, and Other segments. The Siding segment offers LP SmartSide trim and siding products, LP SmartSide ExpertFinish trim and siding products, LP BuilderSeries lap siding products, and LP Outdoor Building Solutions; and engineered wood siding, trim, soffit, and fascia products.