The Manufacturers Life Insurance Company acquired a new position in West Fraser Timber Co. Ltd. (NYSE:WFG – Free Report) during the second quarter, HoldingsChannel reports. The firm acquired 182,731 shares of the company’s stock, valued at approximately $12,360,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of West Fraser Timber by 72.2% during the 1st quarter. Parallel Advisors LLC now owns 439 shares of the company’s stock worth $29,000 after purchasing an additional 184 shares during the period. Wells Fargo & Company MN raised its holdings in West Fraser Timber by 2.5% in the fourth quarter. Wells Fargo & Company MN now owns 7,832 shares of the company’s stock valued at $478,000 after buying an additional 192 shares during the period. Physician Wealth Advisors Inc. raised its holdings in West Fraser Timber by 177.0% in the first quarter. Physician Wealth Advisors Inc. now owns 579 shares of the company’s stock valued at $38,000 after buying an additional 370 shares during the period. Public Employees Retirement System of Ohio lifted its position in West Fraser Timber by 0.8% during the first quarter. Public Employees Retirement System of Ohio now owns 47,750 shares of the company’s stock valued at $3,115,000 after buying an additional 370 shares in the last quarter. Finally, Sei Investments Co. grew its stake in West Fraser Timber by 6.3% during the first quarter. Sei Investments Co. now owns 7,643 shares of the company’s stock worth $499,000 after buying an additional 453 shares during the period. 40.23% of the stock is owned by institutional investors and hedge funds.
West Fraser Timber Stock Down 1.4%
Shares of NYSE:WFG opened at $68.06 on Friday. The company has a quick ratio of 0.83, a current ratio of 2.06 and a debt-to-equity ratio of 0.05. West Fraser Timber Co. Ltd. has a 52-week low of $57.34 and a 52-week high of $76.99. The company has a 50 day moving average of $68.44 and a two-hundred day moving average of $66.63. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -4.41 and a beta of 1.00.
West Fraser Timber Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Thursday, June 25th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $1.28 annualized dividend and a yield of 1.9%. West Fraser Timber’s payout ratio is -8.29%.
Analysts Set New Price Targets
WFG has been the subject of several recent research reports. Fraser Mackenzie dropped their price objective on shares of West Fraser Timber from $88.00 to $86.00 and set a “buy” rating for the company in a research report on Friday, May 1st. TD Securities restated a “buy” rating on shares of West Fraser Timber in a report on Friday, July 31st. Royal Bank Of Canada decreased their price target on shares of 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 upgraded West Fraser Timber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of West Fraser Timber in a research report on Friday, July 31st. Four 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $83.20.
Read Our Latest Analysis on West Fraser Timber
West Fraser Timber Profile
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.
Featured Articles
- Five stocks we like better than West Fraser Timber
- 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole
- IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings
- Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude?
- Okta Stock Surges 29%—Is $200 the Next Stop?
Want to see what other hedge funds are holding WFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for West Fraser Timber Co. Ltd. (NYSE:WFG – Free Report).
Receive News & Ratings for West Fraser Timber Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for West Fraser Timber and related companies with MarketBeat.com's FREE daily email newsletter.
