Mackenzie Financial Corp Sells 126,036 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Key Points

• Mackenzie Financial Corp has reduced its stake in West Fraser Timber Co. Ltd. by 41.3%, selling 126,036 shares during the first quarter, now holding approximately 178,790 shares worth about $13.7 million.
• West Fraser Timber's stock has dropped 2.5% recently, with a current trading price of $69.60 and a significant decline in earnings, reporting ($0.38) earnings per share, missing estimates by ($0.74).
• The company recently declared a quarterly dividend of $0.32 per share, translating to an annualized payout of $1.28, representing a yield of 1.84%.

Mackenzie Financial Corp reduced its position in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 41.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 178,790 shares of the company's stock after selling 126,036 shares during the quarter. Mackenzie Financial Corp owned approximately 0.23% of West Fraser Timber worth $13,732,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WFG. Inspire Advisors LLC boosted its stake in West Fraser Timber by 3.3% in the first quarter. Inspire Advisors LLC now owns 4,637 shares of the company's stock valued at $357,000 after acquiring an additional 146 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in West Fraser Timber by 56.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,315 shares of the company's stock valued at $4,478,000 after acquiring an additional 21,079 shares during the period. Cetera Investment Advisers boosted its stake in West Fraser Timber by 134.2% in the first quarter. Cetera Investment Advisers now owns 7,159 shares of the company's stock valued at $550,000 after acquiring an additional 4,102 shares during the period. Avantax Advisory Services Inc. boosted its stake in West Fraser Timber by 22.2% in the first quarter. Avantax Advisory Services Inc. now owns 3,667 shares of the company's stock valued at $282,000 after acquiring an additional 665 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in West Fraser Timber by 10.4% in the first quarter. Allianz Asset Management GmbH now owns 126,605 shares of the company's stock valued at $9,723,000 after acquiring an additional 11,924 shares during the period. 40.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on WFG shares. Wall Street Zen downgraded West Fraser Timber from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Royal Bank Of Canada decreased their target price on West Fraser Timber from $117.00 to $99.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Raymond James Financial reiterated a "market perform" rating on shares of West Fraser Timber in a research report on Monday, July 21st. Finally, TD Securities dropped their price target on shares of West Fraser Timber from $98.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $100.00.

West Fraser Timber Stock Performance

Shares of NYSE WFG traded up $0.44 during mid-day trading on Friday, hitting $69.75. The company had a trading volume of 282,595 shares, compared to its average volume of 227,953. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.89 and a quick ratio of 1.61. The business's 50-day simple moving average is $74.15 and its 200-day simple moving average is $76.89. 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 market cap of $5.35 billion, a P/E ratio of -39.86 and a beta of 1.15.

West Fraser Timber (NYSE:WFG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.61 billion. As a group, analysts predict that West Fraser Timber Co. Ltd. will post 4.45 earnings per share for the current fiscal year.

West Fraser Timber Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 14th. Investors of record on Thursday, June 26th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Thursday, June 26th. West Fraser Timber's dividend payout ratio (DPR) is presently -73.14%.

West Fraser Timber Company 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.