CIBC Asset Management Inc Buys 311 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

CIBC Asset Management Inc raised its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 0.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 71,471 shares of the company’s stock after purchasing an additional 311 shares during the period. CIBC Asset Management Inc’s holdings in West Fraser Timber were worth $6,966,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of WFG. Thrivent Financial for Lutherans bought a new stake in West Fraser Timber during the second quarter valued at about $52,645,000. Manning & Napier Advisors LLC bought a new stake in West Fraser Timber during the second quarter valued at about $42,886,000. 1832 Asset Management L.P. grew its holdings in West Fraser Timber by 178.5% during the first quarter. 1832 Asset Management L.P. now owns 835,774 shares of the company’s stock valued at $72,236,000 after purchasing an additional 535,708 shares during the period. Van ECK Associates Corp boosted its stake in shares of West Fraser Timber by 4,057.8% in the third quarter. Van ECK Associates Corp now owns 193,752 shares of the company’s stock worth $18,321,000 after acquiring an additional 189,092 shares during the period. Finally, Galibier Capital Management Ltd. boosted its stake in shares of West Fraser Timber by 152.3% in the second quarter. Galibier Capital Management Ltd. now owns 279,655 shares of the company’s stock worth $21,474,000 after acquiring an additional 168,802 shares during the period. Institutional investors own 40.23% of the company’s stock.

West Fraser Timber Price Performance

Shares of WFG stock opened at $91.88 on Monday. West Fraser Timber Co. Ltd. has a 1 year low of $72.35 and a 1 year high of $102.40. The stock’s 50 day simple moving average is $94.64 and its two-hundred day simple moving average is $86.06. The company has a market cap of $7.37 billion, a PE ratio of -71.78 and a beta of 1.18.

West Fraser Timber (NYSE:WFG) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.87). West Fraser Timber had a positive return on equity of 0.53% and a negative net margin of 1.53%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. Equities research analysts expect that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current year.

West Fraser Timber Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, September 26th were issued a $0.237 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $0.95 annualized dividend and a dividend yield of 1.03%. West Fraser Timber’s payout ratio is -74.22%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WFG. BMO Capital Markets upped their price objective on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Scotiabank upped their price objective on West Fraser Timber from $100.00 to $120.00 and gave the stock a “sector outperform” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada upped their price objective on West Fraser Timber from $97.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $111.60.

West Fraser Timber Company 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.