Raymond James Increases West Fraser Timber (NYSE:WFG) Price Target to $105.00

West Fraser Timber (NYSE:WFGFree Report) had its price objective raised by Raymond James from $100.00 to $105.00 in a research note issued to investors on Tuesday morning, BayStreet.CA reports. They currently have a strong-buy rating on the stock. Raymond James also issued estimates for West Fraser Timber’s FY2023 earnings at ($0.57) EPS, FY2024 earnings at $5.51 EPS and FY2025 earnings at $9.15 EPS.

Several other analysts have also issued reports on the stock. Scotiabank set a $100.00 price target on shares of West Fraser Timber and gave the company an outperform rating in a research report on Monday, January 22nd. Royal Bank of Canada dropped their target price on shares of West Fraser Timber from $95.00 to $90.00 and set an outperform rating for the company in a report on Tuesday, December 19th. Finally, TheStreet upgraded shares of West Fraser Timber from a d+ rating to a c rating in a report on Friday, October 27th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, West Fraser Timber presently has a consensus rating of Buy and a consensus price target of $103.75.

Check Out Our Latest Stock Report on West Fraser Timber

West Fraser Timber Stock Performance

NYSE WFG opened at $78.22 on Tuesday. The company has a 50-day simple moving average of $81.63 and a two-hundred day simple moving average of $76.54. The company has a quick ratio of 2.47, a current ratio of 3.51 and a debt-to-equity ratio of 0.07. West Fraser Timber has a 12-month low of $64.11 and a 12-month high of $90.17. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of -55.48 and a beta of 1.17.

West Fraser Timber Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, December 28th. West Fraser Timber’s payout ratio is currently -85.11%.

Hedge Funds Weigh In On West Fraser Timber

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in West Fraser Timber by 1.5% in the first quarter. Vanguard Group Inc. now owns 3,212,954 shares of the company’s stock worth $264,845,000 after buying an additional 47,956 shares in the last quarter. Royal Bank of Canada increased its stake in shares of West Fraser Timber by 9.0% during the third quarter. Royal Bank of Canada now owns 2,319,488 shares of the company’s stock valued at $168,256,000 after purchasing an additional 191,613 shares in the last quarter. Norges Bank bought a new position in shares of West Fraser Timber during the fourth quarter valued at approximately $116,809,000. Letko Brosseau & Associates Inc. increased its stake in shares of West Fraser Timber by 0.5% during the third quarter. Letko Brosseau & Associates Inc. now owns 1,125,166 shares of the company’s stock valued at $82,066,000 after purchasing an additional 5,632 shares in the last quarter. Finally, Bridgewater Advisors Inc. bought a new position in shares of West Fraser Timber during the third quarter valued at approximately $79,179,000. 46.23% of the stock is owned by institutional investors.

West Fraser Timber Company Profile

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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 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.

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