1832 Asset Management L.P. Grows Stock Holdings in West Fraser Timber Co. Ltd. $WFG

Key Points

• 1832 Asset Management L.P. increased its stake in West Fraser Timber Co. Ltd. by 5.0%, owning approximately 1.85% of the company, worth about $109.6 million as of the latest filing.
• West Fraser Timber's stock was recently rated with an average of "Moderate Buy" by analysts, with a consensus target price of $100.00, despite some analysts lowering their ratings.
• The company reported a loss of $0.38 per share in its latest earnings, missing expectations, and had revenues of $1.53 billion, below market forecasts.

1832 Asset Management L.P. boosted its position in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,425,094 shares of the company's stock after purchasing an additional 68,016 shares during the period. 1832 Asset Management L.P. owned about 1.85% of West Fraser Timber worth $109,647,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in West Fraser Timber by 10.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,607 shares of the company's stock valued at $184,242,000 after purchasing an additional 232,558 shares during the last quarter. Candriam S.C.A. purchased a new position in West Fraser Timber in the first quarter valued at approximately $2,126,000. Hsbc Holdings PLC lifted its stake in West Fraser Timber by 116.1% in the first quarter. Hsbc Holdings PLC now owns 20,395 shares of the company's stock valued at $1,566,000 after purchasing an additional 10,957 shares during the last quarter. Quantbot Technologies LP lifted its stake in West Fraser Timber by 316.7% in the first quarter. Quantbot Technologies LP now owns 24,589 shares of the company's stock valued at $1,892,000 after purchasing an additional 18,688 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in West Fraser Timber in the first quarter valued at approximately $931,000. Hedge funds and other institutional investors own 40.23% of the company's stock.

Analyst Upgrades and Downgrades

WFG has been the topic of several recent research reports. Wall Street Zen downgraded West Fraser Timber from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. TD Securities dropped their target price on 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. Finally, Raymond James Financial restated a "market perform" rating on shares of West Fraser Timber in a research report on Monday, July 21st. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $100.00.

West Fraser Timber Price Performance

Shares of West Fraser Timber stock traded up $3.4440 during trading on Friday, hitting $75.9040. The stock had a trading volume of 272,206 shares, compared to its average volume of 210,746. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of -43.37 and a beta of 1.15. West Fraser Timber Co. Ltd. has a 12 month low of $68.63 and a 12 month high of $102.40. The business's 50-day moving average is $73.58 and its 200 day moving average is $75.18. The company has a current ratio of 2.89, a quick ratio of 1.61 and a debt-to-equity ratio of 0.04.

West Fraser Timber (NYSE:WFG - Get Free Report) last released its quarterly 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). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.61 billion. West Fraser Timber had a negative return on equity of 0.85% and a negative net margin of 2.18%. As a group, sell-side analysts anticipate that West Fraser Timber Co. Ltd. will post 4.45 earnings per share for the current year.

West Fraser Timber Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 14th. Stockholders of record on Thursday, June 26th were issued a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 26th. This represents a $1.28 annualized dividend and a dividend yield of 1.7%. West Fraser Timber's dividend payout ratio 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.