Manning & Napier Advisors LLC acquired a new position in West Fraser Timber Co. Ltd. (NYSE:WFG – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,276,205 shares of the company’s stock, valued at approximately $86,416,000. Manning & Napier Advisors LLC owned approximately 1.63% of West Fraser Timber as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of West Fraser Timber by 72.2% in the 1st quarter. Parallel Advisors LLC now owns 439 shares of the company’s stock valued at $29,000 after acquiring an additional 184 shares during the last quarter. Wells Fargo & Company MN raised its position in West Fraser Timber by 2.5% during the fourth quarter. Wells Fargo & Company MN now owns 7,832 shares of the company’s stock valued at $478,000 after purchasing an additional 192 shares during the period. Physician Wealth Advisors Inc. lifted its stake in shares of West Fraser Timber by 177.0% in the 1st quarter. Physician Wealth Advisors Inc. now owns 579 shares of the company’s stock valued at $38,000 after purchasing an additional 370 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of West Fraser Timber by 0.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 47,750 shares of the company’s stock valued at $3,115,000 after purchasing an additional 370 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of West Fraser Timber by 6.3% in the 1st quarter. Sei Investments Co. now owns 7,643 shares of the company’s stock worth $499,000 after purchasing an additional 453 shares during the period. 40.23% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on WFG shares. TD Securities restated a “buy” rating on shares of West Fraser Timber in a report on Friday, July 31st. Royal Bank Of Canada lowered their price target on West Fraser Timber from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Wall Street Zen raised shares of West Fraser Timber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. Zacks Research upgraded shares of West Fraser Timber from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of West Fraser Timber in a research note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $83.20.
West Fraser Timber Trading Down 1.6%
WFG opened at $68.63 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.83 and a current ratio of 2.06. The stock’s 50 day moving average price is $68.57 and its 200-day moving average price is $66.74. West Fraser Timber Co. Ltd. has a one year low of $57.34 and a one year high of $76.99. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of -4.45 and a beta of 1.00.
West Fraser Timber (NYSE:WFG – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.08). West Fraser Timber had a negative return on equity of 10.84% and a negative net margin of 22.98%.The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.45 billion. On average, equities analysts forecast that West Fraser Timber Co. Ltd. will post -3.77 EPS for the current year.
West Fraser Timber Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Thursday, June 25th were paid a $0.32 dividend. The ex-dividend date was Thursday, June 25th. This represents a $1.28 dividend on an annualized basis and a yield of 1.9%. West Fraser Timber’s dividend payout ratio (DPR) is presently -8.29%.
About West Fraser Timber
West Fraser Timber Co Ltd. (NYSE: WFG) is a leading North American diversified wood products company headquartered in Vancouver, British Columbia. The company operates a broad portfolio of manufacturing facilities that produce lumber, engineered wood products such as laminated veneer lumber (LVL), oriented strand board (OSB) and plywood, as well as medium density fibreboard (MDF), particleboard, pulp and paper. West Fraser’s integrated production model spans harvesting, milling and finishing, allowing it to serve a wide range of residential, commercial and industrial construction markets.
Founded in 1955 as West Fraser Mills, the company has grown through both organic investment and strategic acquisitions to become one of the largest lumber producers in the world.
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