Raymond James Financial Services Advisors Inc. reduced its stake in West Fraser Timber Co. Ltd. (NYSE:WFG – Get Rating) by 6.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,077 shares of the company’s stock after selling 790 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in West Fraser Timber were worth $875,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of WFG. EverSource Wealth Advisors LLC acquired a new stake in West Fraser Timber in the second quarter valued at $49,000. Pacifica Partners Inc. raised its stake in West Fraser Timber by 25.7% in the second quarter. Pacifica Partners Inc. now owns 1,466 shares of the company’s stock valued at $111,000 after buying an additional 300 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in West Fraser Timber in the second quarter valued at $114,000. Moors & Cabot Inc. increased its position in shares of West Fraser Timber by 8.4% during the first quarter. Moors & Cabot Inc. now owns 2,525 shares of the company’s stock worth $208,000 after purchasing an additional 195 shares in the last quarter. Finally, Advisor Group Holdings Inc. increased its position in shares of West Fraser Timber by 15.0% during the first quarter. Advisor Group Holdings Inc. now owns 2,632 shares of the company’s stock worth $217,000 after purchasing an additional 344 shares in the last quarter. 45.74% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have recently commented on WFG shares. Raymond James cut West Fraser Timber from a “strong-buy” rating to an “outperform” rating in a research report on Monday, October 24th. Credit Suisse Group initiated coverage on West Fraser Timber in a report on Tuesday, November 22nd. They set a “neutral” rating and a $100.00 price target on the stock. Finally, CIBC lowered West Fraser Timber from an “outperform” rating to a “neutral” rating in a report on Monday, October 3rd.
West Fraser Timber Price Performance
West Fraser Timber (NYSE:WFG – Get Rating) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.45. West Fraser Timber had a return on equity of 30.16% and a net margin of 23.73%. The company had revenue of $2.09 billion for the quarter. Research analysts anticipate that West Fraser Timber Co. Ltd. will post 21.45 earnings per share for the current year.
West Fraser Timber Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Thursday, December 29th. West Fraser Timber’s dividend payout ratio is presently 5.11%.
About West Fraser Timber
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 and southern yellow pine lumber, treated wood products, medium density fiberboard panels and plywood, oriented strand board, and laminated veneer lumber wood products.
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