West Fraser Timber Co. Ltd. (NYSE:WFG) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario decreased its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,592 shares of the company’s stock after selling 200 shares during the quarter. Investment Management Corp of Ontario’s holdings in West Fraser Timber were worth $252,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Smead Capital Management Inc. raised its holdings in West Fraser Timber by 5.1% in the third quarter. Smead Capital Management Inc. now owns 118,108 shares of the company’s stock valued at $11,507,000 after acquiring an additional 5,743 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of West Fraser Timber in the 2nd quarter valued at approximately $1,862,000. Cerity Partners LLC raised its holdings in shares of West Fraser Timber by 128.0% in the 3rd quarter. Cerity Partners LLC now owns 247,400 shares of the company’s stock valued at $24,087,000 after purchasing an additional 138,871 shares in the last quarter. Pacifica Partners Inc. lifted its position in shares of West Fraser Timber by 816.2% during the 3rd quarter. Pacifica Partners Inc. now owns 13,386 shares of the company’s stock worth $1,306,000 after purchasing an additional 11,925 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its stake in shares of West Fraser Timber by 7.5% during the third quarter. Vontobel Holding Ltd. now owns 571,583 shares of the company’s stock worth $55,683,000 after purchasing an additional 39,651 shares in the last quarter. Institutional investors and hedge funds own 40.23% of the company’s stock.

West Fraser Timber Stock Performance

WFG opened at $93.95 on Monday. The stock has a market capitalization of $7.54 billion, a P/E ratio of -73.40 and a beta of 1.19. West Fraser Timber Co. Ltd. has a one year low of $72.56 and a one year high of $102.40. The business’s 50-day simple moving average is $95.61 and its 200-day simple moving average is $87.74.

West Fraser Timber (NYSE:WFG) last released its quarterly earnings results on Wednesday, October 23rd. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.87). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. West Fraser Timber had a positive return on equity of 0.53% and a negative net margin of 1.53%. During the same period last year, the firm earned $1.81 EPS. On average, equities research analysts forecast that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current fiscal year.

West Fraser Timber Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, September 26th were given a $0.237 dividend. The ex-dividend date was Thursday, September 26th. This represents a $0.95 annualized dividend and a yield of 1.01%. West Fraser Timber’s dividend payout ratio (DPR) is -74.22%.

Wall Street Analyst Weigh In

WFG has been the topic of a number of analyst reports. Scotiabank raised their price target on West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a research note on Friday, October 25th. BMO Capital Markets boosted their target price 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. Four investment 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.com, the stock has a consensus rating of “Buy” and an average price target of $111.60.

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.