Appian Way Asset Management LP Buys New Stake in West Fraser Timber Co. Ltd. $WFG

Key Points

• Appian Way Asset Management LP acquired a new stake in West Fraser Timber Co. Ltd. during the first quarter, purchasing 15,131 shares valued at approximately $1.16 million, making it the firm's 23rd largest position.
• West Fraser Timber recently reported a quarterly loss of ($0.38) EPS, missing consensus estimates, and had revenue of $1.53 billion, below the expected $1.61 billion.
• The company announced a quarterly dividend of $0.32 per share, reflecting an annualized yield of 1.8%, while its dividend payout ratio stands at -73.14%.

Appian Way Asset Management LP acquired a new position in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,131 shares of the company's stock, valued at approximately $1,164,000. West Fraser Timber accounts for 0.3% of Appian Way Asset Management LP's investment portfolio, making the stock its 23rd largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board increased its holdings in West Fraser Timber by 26.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 269,683 shares of the company's stock worth $20,717,000 after acquiring an additional 56,964 shares in the last quarter. Trexquant Investment LP purchased a new stake in West Fraser Timber in the 1st quarter worth approximately $756,000. Lansforsakringar Fondforvaltning AB publ increased its holdings in West Fraser Timber by 10.2% in the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 13,039 shares of the company's stock worth $1,001,000 after acquiring an additional 1,208 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in West Fraser Timber by 25.2% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 32,381 shares of the company's stock worth $2,488,000 after acquiring an additional 6,511 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in West Fraser Timber by 5.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,425,094 shares of the company's stock worth $109,647,000 after acquiring an additional 68,016 shares in the last quarter. 40.23% of the stock is owned by hedge funds and other institutional investors.

West Fraser Timber Price Performance

WFG traded up $2.39 during trading on Friday, reaching $75.04. 293,781 shares of the company traded hands, compared to its average volume of 246,040. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.61 and a current ratio of 2.89. West Fraser Timber Co. Ltd. has a 12-month low of $68.63 and a 12-month high of $102.40. The firm has a fifty day simple moving average of $73.40 and a 200 day simple moving average of $74.63. The company has a market cap of $5.75 billion, a P/E ratio of -42.88 and a beta of 1.15.

West Fraser Timber (NYSE:WFG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.74). West Fraser Timber had a negative net margin of 2.18% and a negative return on equity of 0.85%. The company had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.61 billion. On average, equities analysts forecast that West Fraser Timber Co. Ltd. will post 4.45 EPS for the current year.

West Fraser Timber Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Thursday, June 26th were issued a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 26th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.7%. West Fraser Timber's dividend payout ratio (DPR) is -73.14%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. TD Securities reduced their target price on shares of West Fraser Timber from $98.00 to $96.00 and set a "buy" rating for the company in a report on Friday, July 25th. Raymond James Financial reissued a "market perform" rating on shares of West Fraser Timber in a report on Monday, July 21st. Finally, Wall Street Zen lowered shares of West Fraser Timber from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, West Fraser Timber currently has an average rating of "Moderate Buy" and a consensus target price of $100.00.

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.