Van ECK Associates Corp Acquires 465,694 Shares of West Fraser Timber Co. Ltd. $WFG

Key Points

• Van ECK Associates increased its West Fraser Timber stake by 171.7% in the second quarter, adding 465,694 shares to own 736,913 shares worth approximately $49.8 million, or 0.94% of the company.
• West Fraser reported quarterly revenue of $1.43 billion and an adjusted loss of $0.78 per share, missing analyst expectations; analysts project a full-year loss of $3.77 per share.
• The stock recently traded at $68.06, while analysts maintain a consensus rating of Hold and an average price target of $83.20. The company also pays a quarterly dividend of $0.32, representing an annualized yield of about 1.9%.

Van ECK Associates Corp grew its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 171.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 736,913 shares of the company's stock after purchasing an additional 465,694 shares during the period. Van ECK Associates Corp owned about 0.94% of West Fraser Timber worth $49,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Parallel Advisors LLC grew its holdings in shares of West Fraser Timber by 72.2% in the first quarter. Parallel Advisors LLC now owns 439 shares of the company's stock worth $29,000 after purchasing an additional 184 shares during the last quarter. EFG International AG purchased a new position in West Fraser Timber in the 2nd quarter worth about $34,000. Physician Wealth Advisors Inc. lifted its holdings in West Fraser Timber by 177.0% during the 1st quarter. Physician Wealth Advisors Inc. now owns 579 shares of the company's stock valued at $38,000 after buying an additional 370 shares in the last quarter. Aegis Financial Corp bought a new stake in West Fraser Timber during the 1st quarter valued at about $205,000. Finally, Jain Global LLC purchased a new stake in West Fraser Timber in the 3rd quarter valued at about $224,000. 40.23% of the stock is currently owned by institutional investors.

West Fraser Timber Trading Down 1.4%

NYSE WFG opened at $68.06 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.83 and a current ratio of 2.06. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -4.41 and a beta of 1.00. The company's 50-day simple moving average is $68.44 and its two-hundred day simple moving average is $66.63. West Fraser Timber Co. Ltd. has a one year low of $57.34 and a one year high of $76.99.

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

West Fraser Timber Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Thursday, June 25th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $1.28 dividend on an annualized basis and a yield of 1.9%. West Fraser Timber's payout ratio is -8.29%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. TD Securities reaffirmed a "buy" rating on shares of West Fraser Timber in a research report on Friday, July 31st. Wall Street Zen upgraded West Fraser Timber from a "strong sell" rating to a "sell" rating in a report on Saturday, August 1st. Royal Bank Of Canada dropped their price objective on West Fraser Timber from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. 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 reaffirmed a "neutral" rating on shares of West Fraser Timber in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, West Fraser Timber has an average rating of "Hold" and a consensus price target 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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