Scotiabank Issues Pessimistic Forecast for West Fraser Timber (NYSE:WFG) Stock Price

West Fraser Timber (NYSE:WFG) had its price target lowered by Scotiabank from $120.00 to $109.00 in a report issued on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other research firms also recently issued reports on WFG. Raymond James decreased their target price on West Fraser Timber from $120.00 to $115.00 in a research report on Thursday, January 30th. BMO Capital Markets raised their target price on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $111.40.

West Fraser Timber Trading Down 3.0 %

Shares of WFG opened at $84.22 on Monday. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of -65.79 and a beta of 1.22. The stock has a 50 day moving average of $89.64 and a 200 day moving average of $90.66. West Fraser Timber has a 12 month low of $73.91 and a 12 month high of $102.40.

West Fraser Timber Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Friday, December 27th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from West Fraser Timber’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 1.52%. West Fraser Timber’s payout ratio is -100.00%.

Hedge Funds Weigh In On West Fraser Timber

Hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC purchased a new position in shares of West Fraser Timber in the fourth quarter valued at $39,000. Signaturefd LLC boosted its stake in West Fraser Timber by 77.4% during the third quarter. Signaturefd LLC now owns 880 shares of the company’s stock valued at $86,000 after buying an additional 384 shares during the period. US Bancorp DE boosted its stake in West Fraser Timber by 82.9% during the third quarter. US Bancorp DE now owns 1,284 shares of the company’s stock valued at $125,000 after buying an additional 582 shares during the period. D.B. Root & Company LLC bought a new stake in West Fraser Timber during the third quarter worth about $223,000. Finally, Quantinno Capital Management LP bought a new stake in West Fraser Timber during the third quarter worth about $258,000. 40.23% of the stock is currently owned by hedge funds and other institutional investors.

About West Fraser Timber

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.