Patten & Patten Inc. TN Sells 13,385 Shares of Weyerhaeuser Company $WY

Key Points

• Patten & Patten Inc. TN reduced its holdings in Weyerhaeuser Company by 28.5%, selling 13,385 shares during the second quarter, leaving them with 33,500 shares valued at approximately $861,000.
• Weyerhaeuser announced a quarterly dividend of $0.21 per share, representing an annualized dividend of $0.84 with a yield of 3.6%, despite a high payout ratio of 221.05%.
• Analysts have mixed ratings on Weyerhaeuser, with an average target price of $32.63, as CIBC and Truist Financial recently lowered their price objectives to $31.00 and $27.00 respectively.

Patten & Patten Inc. TN trimmed its holdings in Weyerhaeuser Company (NYSE:WY - Free Report) by 28.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,500 shares of the real estate investment trust's stock after selling 13,385 shares during the quarter. Patten & Patten Inc. TN's holdings in Weyerhaeuser were worth $861,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in WY. Farther Finance Advisors LLC raised its holdings in shares of Weyerhaeuser by 232.0% in the first quarter. Farther Finance Advisors LLC now owns 9,476 shares of the real estate investment trust's stock valued at $276,000 after buying an additional 6,622 shares during the last quarter. GAMMA Investing LLC increased its position in Weyerhaeuser by 23.3% in the first quarter. GAMMA Investing LLC now owns 15,682 shares of the real estate investment trust's stock worth $459,000 after purchasing an additional 2,967 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Weyerhaeuser by 2.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,154 shares of the real estate investment trust's stock worth $2,171,000 after purchasing an additional 1,524 shares during the period. Exchange Traded Concepts LLC increased its position in Weyerhaeuser by 472.3% in the first quarter. Exchange Traded Concepts LLC now owns 44,585 shares of the real estate investment trust's stock worth $1,305,000 after purchasing an additional 36,795 shares during the period. Finally, State of Alaska Department of Revenue increased its position in Weyerhaeuser by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 441,153 shares of the real estate investment trust's stock worth $12,915,000 after purchasing an additional 6,585 shares during the period. 82.99% of the stock is owned by institutional investors.

Weyerhaeuser Price Performance

Weyerhaeuser stock opened at $23.66 on Friday. The firm has a market capitalization of $17.07 billion, a P/E ratio of 62.26, a PEG ratio of 249.61 and a beta of 1.05. Weyerhaeuser Company has a 1 year low of $23.49 and a 1 year high of $33.24. The business has a 50-day moving average of $25.16 and a 200-day moving average of $25.74. The company has a current ratio of 1.04, a quick ratio of 0.68 and a debt-to-equity ratio of 0.45.

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

Weyerhaeuser Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were given a $0.21 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 3.6%. Weyerhaeuser's payout ratio is currently 221.05%.

Insider Activity

In other Weyerhaeuser news, Director Sara Grootwassink Lewis acquired 4,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was acquired at an average cost of $25.29 per share, for a total transaction of $101,160.00. Following the transaction, the director owned 21,478 shares of the company's stock, valued at $543,178.62. This trade represents a 22.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WY. CIBC lowered their price objective on Weyerhaeuser from $32.00 to $31.00 and set an "outperformer" rating for the company in a research report on Thursday, September 11th. Wall Street Zen lowered Weyerhaeuser from a "hold" rating to a "sell" rating in a research report on Sunday, August 3rd. Truist Financial lowered their price objective on Weyerhaeuser from $29.00 to $27.00 and set a "hold" rating for the company in a research report on Monday. Weiss Ratings reiterated a "hold (c-)" rating on shares of Weyerhaeuser in a research report on Wednesday, October 8th. Finally, DA Davidson reiterated a "buy" rating and issued a $35.00 price objective on shares of Weyerhaeuser in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Weyerhaeuser presently has an average rating of "Moderate Buy" and an average price target of $32.63.

Weyerhaeuser 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.

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