CIBC Asset Management Inc Purchases 311 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

CIBC Asset Management Inc lifted its position in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 0.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,471 shares of the company’s stock after purchasing an additional 311 shares during the quarter. CIBC Asset Management Inc owned about 0.09% of West Fraser Timber worth $6,966,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in WFG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of West Fraser Timber by 27.7% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,699 shares of the company’s stock valued at $320,000 after purchasing an additional 802 shares in the last quarter. Intech Investment Management LLC bought a new stake in West Fraser Timber in the first quarter worth $469,000. UniSuper Management Pty Ltd boosted its holdings in West Fraser Timber by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock worth $69,000 after acquiring an additional 400 shares in the last quarter. Toronto Dominion Bank boosted its holdings in West Fraser Timber by 9.4% in the first quarter. Toronto Dominion Bank now owns 29,915 shares of the company’s stock worth $2,586,000 after acquiring an additional 2,562 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in West Fraser Timber by 1.4% in the first quarter. Canada Pension Plan Investment Board now owns 232,019 shares of the company’s stock worth $20,053,000 after acquiring an additional 3,249 shares in the last quarter. 40.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on WFG shares. Royal Bank of Canada boosted their target price on West Fraser Timber from $97.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Scotiabank boosted their target price on West Fraser Timber from $100.00 to $120.00 and gave the stock a “sector outperform” rating in a report on Friday, October 25th. Finally, BMO Capital Markets boosted their target price on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $111.60.

West Fraser Timber Price Performance

WFG stock opened at $91.88 on Monday. West Fraser Timber Co. Ltd. has a 1-year low of $72.35 and a 1-year high of $102.40. The business has a fifty day moving average price of $94.64 and a 200-day moving average price of $86.06. The stock has a market capitalization of $7.37 billion, a P/E ratio of -71.78 and a beta of 1.18.

West Fraser Timber (NYSE:WFG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.45 billion. West Fraser Timber had a negative net margin of 1.53% and a positive return on equity of 0.53%. During the same quarter last year, the company posted $1.81 EPS. As a group, analysts anticipate that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current year.

West Fraser Timber Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, September 26th were given a dividend of $0.237 per share. This represents a $0.95 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Thursday, September 26th. West Fraser Timber’s dividend payout ratio (DPR) is presently -74.22%.

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.