Renaissance Technologies LLC Has $1.16 Million Stake in West Fraser Timber Co. Ltd. $WFG

Key Points

• Renaissance Technologies cut its West Fraser Timber stake by 57.5% in the first quarter, selling 24,100 shares and retaining 17,800 shares valued at approximately $1.16 million.
• West Fraser reported a quarterly loss of $0.78 per share, missing estimates by $0.08, while revenue of $1.43 billion also fell short of expectations. Analysts project a full-year loss of $3.77 per share.
• The company maintains a quarterly dividend of $0.32 per share, equivalent to a 1.8% yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $83.20.

Renaissance Technologies LLC reduced its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 57.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,800 shares of the company's stock after selling 24,100 shares during the quarter. Renaissance Technologies LLC's holdings in West Fraser Timber were worth $1,162,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of WFG. Goldman Sachs Group Inc. boosted its stake in West Fraser Timber by 3.0% in the first quarter. Goldman Sachs Group Inc. now owns 230,878 shares of the company's stock valued at $17,764,000 after buying an additional 6,640 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of West Fraser Timber by 9.0% in the 2nd quarter. Cetera Investment Advisers now owns 7,800 shares of the company's stock valued at $571,000 after purchasing an additional 641 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of West Fraser Timber during the 2nd quarter valued at approximately $5,248,000. Invesco Ltd. increased its position in West Fraser Timber by 2.2% during the 2nd quarter. Invesco Ltd. now owns 114,850 shares of the company's stock worth $8,419,000 after purchasing an additional 2,419 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its stake in West Fraser Timber by 2.1% in the 2nd quarter. Baird Financial Group Inc. now owns 23,919 shares of the company's stock valued at $1,753,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 40.23% of the company's stock.

West Fraser Timber Stock Down 1.1%

West Fraser Timber stock opened at $69.42 on Friday. West Fraser Timber Co. Ltd. has a fifty-two week low of $57.34 and a fifty-two week high of $76.99. The firm's 50-day simple moving average is $68.28 and its 200 day simple moving average is $66.79. The stock has a market cap of $5.44 billion, a PE ratio of -4.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.83 and a current ratio of 2.06.

West Fraser Timber (NYSE:WFG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing analysts' consensus estimates of ($0.70) by ($0.08). The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.45 billion. West Fraser Timber had a negative return on equity of 10.84% and a negative net margin of 22.98%. Research analysts predict that West Fraser Timber Co. Ltd. will post -3.77 EPS for the current fiscal year.

West Fraser Timber Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Thursday, June 25th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Thursday, June 25th. West Fraser Timber's payout ratio is presently -8.29%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WFG. TD Securities reissued a "buy" rating on shares of West Fraser Timber in a report on Friday, July 31st. Fraser Mackenzie decreased their price target on West Fraser Timber from $88.00 to $86.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Wall Street Zen raised shares of West Fraser Timber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Zacks Research upgraded West Fraser Timber from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Finally, Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of West Fraser Timber in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $83.20.

West Fraser Timber Profile

West Fraser Timber Co Ltd. NYSE: WFG is a leading North American diversified wood products company headquartered in Vancouver, British Columbia. The company operates a broad portfolio of manufacturing facilities that produce lumber, engineered wood products such as laminated veneer lumber (LVL), oriented strand board (OSB) and plywood, as well as medium density fibreboard (MDF), particleboard, pulp and paper. West Fraser's integrated production model spans harvesting, milling and finishing, allowing it to serve a wide range of residential, commercial and industrial construction markets.

Founded in 1955 as West Fraser Mills, the company has grown through both organic investment and strategic acquisitions to become one of the largest lumber producers in the world.

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