Bank of Nova Scotia Sells 17,883 Shares of Weyerhaeuser Company (NYSE:WY)

Bank of Nova Scotia lowered its holdings in shares of Weyerhaeuser Company (NYSE:WY - Free Report) by 17.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,124 shares of the real estate investment trust's stock after selling 17,883 shares during the quarter. Bank of Nova Scotia's holdings in Weyerhaeuser were worth $2,434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in WY. Cohen & Steers Inc. lifted its holdings in shares of Weyerhaeuser by 57.5% in the 4th quarter. Cohen & Steers Inc. now owns 38,928,176 shares of the real estate investment trust's stock worth $1,095,726,000 after acquiring an additional 14,213,243 shares during the last quarter. Northern Trust Corp raised its position in Weyerhaeuser by 3.5% in the 4th quarter. Northern Trust Corp now owns 9,538,125 shares of the real estate investment trust's stock worth $268,498,000 after purchasing an additional 322,313 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Weyerhaeuser by 2.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,065,565 shares of the real estate investment trust's stock worth $264,171,000 after purchasing an additional 213,062 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Weyerhaeuser by 63.9% in the first quarter. Bank of New York Mellon Corp now owns 7,265,484 shares of the real estate investment trust's stock worth $212,733,000 after purchasing an additional 2,833,288 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Weyerhaeuser by 43.6% during the fourth quarter. Deutsche Bank AG now owns 4,196,790 shares of the real estate investment trust's stock valued at $118,140,000 after buying an additional 1,273,217 shares during the period. 82.99% of the stock is owned by hedge funds and other institutional investors.

Weyerhaeuser Stock Down 0.9%

Shares of WY stock traded down $0.22 on Friday, hitting $25.49. The stock had a trading volume of 2,407,124 shares, compared to its average volume of 4,088,798. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. Weyerhaeuser Company has a one year low of $24.10 and a one year high of $34.03. The business has a 50 day moving average price of $26.09 and a 200 day moving average price of $27.41. The company has a market cap of $18.39 billion, a PE ratio of 67.08, a P/E/G ratio of 66.83 and a beta of 1.08.

Weyerhaeuser (NYSE:WY - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The real estate investment trust reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. Weyerhaeuser had a net margin of 3.97% and a return on equity of 2.95%. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the previous year, the business posted $0.21 EPS. The company's quarterly revenue was down 2.8% compared to the same quarter last year. Research analysts anticipate that Weyerhaeuser Company will post 0.78 earnings per share for the current fiscal year.

Weyerhaeuser Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 3.3%. Weyerhaeuser's dividend payout ratio (DPR) is presently 221.05%.

Weyerhaeuser declared that its board has approved a stock buyback program on Thursday, May 8th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WY. Citigroup reduced their price target on Weyerhaeuser from $35.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. The Goldman Sachs Group lowered Weyerhaeuser from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, May 23rd. DA Davidson lowered their target price on shares of Weyerhaeuser from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Truist Financial cut their price target on shares of Weyerhaeuser from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Weyerhaeuser from $32.00 to $30.00 and set an "overweight" rating for the company in a report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.88.

Weyerhaeuser Company Profile

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards.