Point72 Asset Management L.P. Acquires New Shares in West Fraser Timber Co. Ltd. (NYSE:WFG)

Point72 Asset Management L.P. acquired a new position in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,500 shares of the company’s stock, valued at approximately $884,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of West Fraser Timber by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 2,813,970 shares of the company’s stock worth $240,820,000 after purchasing an additional 28,399 shares during the period. 1832 Asset Management L.P. raised its holdings in West Fraser Timber by 18.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 989,374 shares of the company’s stock worth $76,053,000 after buying an additional 153,600 shares during the period. Van Lanschot Kempen Investment Management N.V. lifted its stake in West Fraser Timber by 15.2% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 692,453 shares of the company’s stock valued at $53,229,000 after buying an additional 91,490 shares in the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of West Fraser Timber in the second quarter valued at approximately $52,645,000. Finally, Manning & Napier Advisors LLC acquired a new position in shares of West Fraser Timber in the second quarter valued at approximately $42,886,000. 40.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WFG has been the topic of several research reports. Royal Bank of Canada boosted their price objective on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. BMO Capital Markets boosted their price target on West Fraser Timber from $92.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $105.60.

West Fraser Timber Stock Down 0.6 %

West Fraser Timber stock opened at $98.10 on Friday. The company has a fifty day simple moving average of $89.12 and a 200 day simple moving average of $82.96. The company has a current ratio of 2.33, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03. West Fraser Timber Co. Ltd. has a 1-year low of $64.11 and a 1-year high of $98.82. The company has a market cap of $7.74 billion, a P/E ratio of -81.06 and a beta of 1.16.

West Fraser Timber (NYSE:WFG) last released its earnings results on Wednesday, July 24th. The company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.09). West Fraser Timber had a net margin of 2.23% and a return on equity of 3.83%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the firm posted ($0.03) EPS. West Fraser Timber’s revenue was up 6.0% compared to the same quarter last year. Research analysts anticipate that West Fraser Timber Co. Ltd. will post 2.03 earnings per share for the current fiscal year.

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, September 26th will be issued a $0.237 dividend. This represents a $0.95 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Thursday, September 26th. West Fraser Timber’s payout ratio is presently -77.69%.

West Fraser Timber Profile

West Fraser Timber Co Ltd., a diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy. It offers spruce-pine-fir, douglas fir-larch, hem-fir, and southern yellow pine lumber, treated wood products, medium density fiberboard panels and plywood, oriented strand board, and laminated veneer lumber wood products, as well as particleboards.