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 holdings 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 filing with the SEC. The firm 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 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. FIL Ltd increased its holdings in West Fraser Timber by 35.5% in the fourth quarter. FIL Ltd now owns 5,041,873 shares of the company's stock valued at $436,861,000 after purchasing an additional 1,319,843 shares during the period. Norges Bank bought a new position in shares of West Fraser Timber during the fourth quarter worth about $81,605,000. Price T Rowe Associates Inc. MD boosted its holdings in West Fraser Timber by 56.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,162,049 shares of the company's stock valued at $187,126,000 after acquiring an additional 780,313 shares during the last quarter. Bank of America Corp DE increased its position in West Fraser Timber by 200.3% during the 4th quarter. Bank of America Corp DE now owns 315,019 shares of the company's stock valued at $27,265,000 after purchasing an additional 210,107 shares during the period. Finally, Genus Capital Management Inc. raised its holdings in West Fraser Timber by 202.9% during the 1st quarter. Genus Capital Management Inc. now owns 84,374 shares of the company's stock worth $6,480,000 after purchasing an additional 166,386 shares during the last quarter. Institutional investors own 40.23% of the company's stock.

West Fraser Timber Stock Up 0.6%

NYSE:WFG traded up $0.44 during midday 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 quick ratio of 1.61, a current ratio of 2.89 and a debt-to-equity ratio of 0.04. West Fraser Timber Co. Ltd. has a 52-week low of $68.63 and a 52-week high of $102.40. The stock's fifty day moving average price is $74.22 and its 200-day moving average price is $77.09.

West Fraser Timber (NYSE:WFG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported ($0.38) earnings per share (EPS) 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 business had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.61 billion. On average, equities analysts predict that West Fraser Timber Co. Ltd. will post 4.45 EPS for the current fiscal year.

West Fraser Timber Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 14th. Stockholders of record on Thursday, June 26th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, June 26th. West Fraser Timber's dividend payout ratio is presently -73.14%.

Wall Street Analysts Forecast Growth

WFG has been the subject of several recent analyst reports. Raymond James Financial reiterated a "market perform" rating on shares of West Fraser Timber in a research report on Monday, July 21st. Royal Bank Of Canada lowered their target price on West Fraser Timber from $117.00 to $99.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen cut West Fraser Timber from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, TD Securities cut their target price on shares of West Fraser Timber from $98.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, West Fraser Timber currently has a consensus rating of "Moderate Buy" and a consensus price target of $100.00.

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.