Alberta Investment Management Corp Takes Position in West Fraser Timber Co. Ltd. $WFG

Key Points

• Alberta Investment Management Corp. acquired 15,087 shares of West Fraser Timber valued at approximately $1.02 million. Institutional investors collectively own 40.23% of the company.
• Analyst sentiment is mixed, with four Buy, three Hold and one Sell rating; the consensus rating is Hold with an average price target of $83.20.
• West Fraser reported a quarterly loss of $0.78 per share, missing estimates by $0.08, while revenue of $1.43 billion also fell short of expectations. The company maintains a quarterly dividend of $0.32 per share, representing a 1.9% yield.

Alberta Investment Management Corp acquired a new position in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 15,087 shares of the company's stock, valued at approximately $1,020,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Parallel Advisors LLC boosted its holdings in West Fraser Timber by 72.2% during the first quarter. Parallel Advisors LLC now owns 439 shares of the company's stock worth $29,000 after buying an additional 184 shares in the last quarter. EFG International AG bought a new position in shares of West Fraser Timber in the fourth quarter valued at $31,000. Physician Wealth Advisors Inc. lifted its position in shares of West Fraser Timber by 177.0% during the 1st quarter. Physician Wealth Advisors Inc. now owns 579 shares of the company's stock valued at $38,000 after acquiring an additional 370 shares during the last quarter. Aegis Financial Corp acquired a new stake in shares of West Fraser Timber during the 1st quarter valued at $205,000. Finally, Jain Global LLC bought a new stake in shares of West Fraser Timber during the 3rd quarter worth $224,000. 40.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. TD Cowen decreased their target price on West Fraser Timber from $88.00 to $86.00 and set a "buy" rating on the stock in a report on Friday, May 1st. TD Securities reaffirmed a "buy" rating on shares of West Fraser Timber in a report on Friday, July 31st. Raymond James Financial lowered West Fraser Timber from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $85.00 to $75.00 in a research report on Thursday, April 23rd. Weiss Ratings cut West Fraser Timber from a "sell (d)" rating to a "sell (d-)" rating in a research note on Friday, July 31st. Finally, Zacks Research upgraded West Fraser Timber from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $83.20.

West Fraser Timber Trading Down 3.4%

NYSE WFG opened at $68.32 on Tuesday. The firm's 50 day moving average price is $68.44 and its two-hundred day moving average price is $66.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.83 and a current ratio of 2.06. West Fraser Timber Co. Ltd. has a twelve month low of $57.34 and a twelve month high of $76.99. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of -4.42 and a beta of 1.00.

West Fraser Timber (NYSE:WFG - Get Free Report) last released its 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). The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.45 billion. West Fraser Timber had a negative net margin of 22.98% and a negative return on equity of 10.84%. Equities analysts anticipate that West Fraser Timber Co. Ltd. will post -3.77 EPS for the current year.

West Fraser Timber Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Thursday, June 25th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 25th. West Fraser Timber's dividend payout ratio is currently -8.29%.

West Fraser Timber Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source