Assenagon Asset Management S.A. Acquires 147,971 Shares of Weyerhaeuser Company $WY

Key Points

• Assenagon Asset Management increased its Weyerhaeuser stake by 524.8%, purchasing 147,971 additional shares to hold 176,165 shares valued at approximately $4.2 million. Institutional investors collectively own 82.99% of the company.
• Analyst sentiment remains positive, with Weyerhaeuser receiving a consensus “Moderate Buy” rating and a $29 average price target; Raymond James upgraded the stock to “strong buy” with a $30 target.
• Weyerhaeuser beat quarterly earnings expectations, reporting $0.13 EPS versus the $0.08 consensus and $1.87 billion in revenue, although revenue declined 8.3% year over year. Shares opened at $24.69, within a 12-month range of $21.16 to $27.75.

Assenagon Asset Management S.A. grew its holdings in shares of Weyerhaeuser Company (NYSE:WY - Free Report) by 524.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 176,165 shares of the real estate investment trust's stock after purchasing an additional 147,971 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Weyerhaeuser were worth $4,217,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. First Eagle Investment Management LLC raised its position in Weyerhaeuser by 166.1% in the fourth quarter. First Eagle Investment Management LLC now owns 37,621,004 shares of the real estate investment trust's stock worth $891,242,000 after acquiring an additional 23,485,504 shares during the period. Norges Bank purchased a new position in Weyerhaeuser in the fourth quarter valued at about $549,531,000. Manning & Napier Advisors LLC bought a new position in shares of Weyerhaeuser during the 1st quarter valued at approximately $101,969,000. Freestone Grove Partners LP grew its position in shares of Weyerhaeuser by 124.5% during the 3rd quarter. Freestone Grove Partners LP now owns 6,697,465 shares of the real estate investment trust's stock valued at $166,030,000 after acquiring an additional 3,713,932 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Weyerhaeuser by 16.9% during the 1st quarter. Bank of New York Mellon Corp now owns 17,717,871 shares of the real estate investment trust's stock valued at $432,848,000 after acquiring an additional 2,555,687 shares during the period. 82.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of Weyerhaeuser from a "sell" rating to a "hold" rating in a report on Sunday, August 2nd. Raymond James Financial raised Weyerhaeuser from an "outperform" rating to a "strong-buy" rating and set a $30.00 price objective for the company in a report on Friday, July 10th. Canadian Imperial Bank of Commerce set a $28.00 target price on Weyerhaeuser in a research report on Thursday, April 23rd. Citigroup lowered their target price on Weyerhaeuser from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded Weyerhaeuser from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Weyerhaeuser has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

Weyerhaeuser Price Performance

WY opened at $24.69 on Thursday. The company has a market capitalization of $17.80 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 1.34 and a beta of 0.89. The company has a quick ratio of 1.15, a current ratio of 1.82 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average price of $24.34 and a 200-day moving average price of $24.54. Weyerhaeuser Company has a twelve month low of $21.16 and a twelve month high of $27.75.

Weyerhaeuser (NYSE:WY - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.05. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.85 billion. Weyerhaeuser had a net margin of 6.89% and a return on equity of 1.49%. The company's quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Equities analysts expect that Weyerhaeuser Company will post 0.32 EPS for the current year.

Weyerhaeuser Profile

Weyerhaeuser Company NYSE: WY is a leading integrated forest products company whose core businesses are timberland ownership and forest products manufacturing. The company owns and manages large tracts of timberland and harvests, processes and sells wood and wood-derived products used primarily in residential and industrial construction. Its manufacturing operations produce a range of building materials, including lumber, engineered wood products and wood panels, alongside fiber-based products that serve multiple commercial applications.

Founded in 1900 by Frederick Weyerhaeuser and headquartered in Seattle, Washington, the company has a long history in the North American forest products industry.

Want to see what other hedge funds are holding WY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Weyerhaeuser Company (NYSE:WY - Free Report).

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