West Fraser Timber (NYSE:WFG) Given New $120.00 Price Target at Scotiabank

West Fraser Timber (NYSE:WFG) had its target price upped by Scotiabank from $100.00 to $120.00 in a report released on Friday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock. Scotiabank also issued estimates for West Fraser Timber’s Q3 2024 earnings at ($0.45) EPS.

WFG has been the topic of several other reports. BMO Capital Markets increased their target price on shares of West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday. Royal Bank of Canada lifted their price target on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, West Fraser Timber has an average rating of “Buy” and a consensus target price of $111.60.

West Fraser Timber Stock Up 1.9 %

Shares of WFG traded up $1.83 during trading hours on Friday, reaching $97.33. The company’s stock had a trading volume of 293,765 shares, compared to its average volume of 160,060. The company has a quick ratio of 1.49, a current ratio of 2.33 and a debt-to-equity ratio of 0.03. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of -80.52 and a beta of 1.16. The company has a 50 day moving average of $93.14 and a two-hundred day moving average of $84.51. West Fraser Timber has a 1-year low of $64.11 and a 1-year high of $102.40.

West Fraser Timber (NYSE:WFG) last issued its earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). West Fraser Timber had a net margin of 2.23% and a return on equity of 3.83%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period last year, the business earned $1.81 EPS. As a group, research analysts predict that West Fraser Timber will post 2.03 EPS for the current fiscal year.

West Fraser Timber Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, September 26th were given a $0.237 dividend. The ex-dividend date was Thursday, September 26th. This represents a $0.95 annualized dividend and a dividend yield of 0.97%. West Fraser Timber’s dividend payout ratio is -77.69%.

Hedge Funds Weigh In On West Fraser Timber

Several large investors have recently bought and sold shares of the stock. Toronto Dominion Bank increased its position in shares of West Fraser Timber by 0.4% during the second quarter. Toronto Dominion Bank now owns 30,040 shares of the company’s stock valued at $2,309,000 after purchasing an additional 125 shares during the period. Signaturefd LLC boosted its position in shares of West Fraser Timber by 60.0% during the 2nd quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after acquiring an additional 186 shares in the last quarter. Inspire Advisors LLC increased its stake in West Fraser Timber by 4.3% in the second quarter. Inspire Advisors LLC now owns 4,592 shares of the company’s stock valued at $353,000 after acquiring an additional 189 shares during the period. Moors & Cabot Inc. raised its position in West Fraser Timber by 4.7% in the second quarter. Moors & Cabot Inc. now owns 4,270 shares of the company’s stock worth $328,000 after purchasing an additional 190 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. lifted its stake in West Fraser Timber by 6.9% during the first quarter. Bank of Nova Scotia Trust Co. now owns 3,472 shares of the company’s stock worth $300,000 after purchasing an additional 224 shares during the period. 40.23% of the stock is currently owned by institutional investors and hedge funds.

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.