Swiss National Bank Sells 16,100 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Posted by Defense World Staff on Aug 23rd, 2023

Swiss National Bank reduced its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG – Free Report) by 6.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 232,838 shares of the company’s stock after selling 16,100 shares during the quarter. Swiss National Bank owned approximately 0.29% of West Fraser Timber worth $16,586,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WFG. Norges Bank acquired a new position in West Fraser Timber in the 4th quarter valued at approximately $116,809,000. Vontobel Holding Ltd. increased its position in West Fraser Timber by 97.2% in the 1st quarter. Vontobel Holding Ltd. now owns 1,030,934 shares of the company’s stock valued at $73,531,000 after acquiring an additional 508,086 shares during the period. Millennium Management LLC increased its position in West Fraser Timber by 181.4% in the 4th quarter. Millennium Management LLC now owns 399,939 shares of the company’s stock valued at $28,897,000 after acquiring an additional 257,798 shares during the period. 1832 Asset Management L.P. increased its position in West Fraser Timber by 158,797.0% in the 1st quarter. 1832 Asset Management L.P. now owns 158,897 shares of the company’s stock valued at $12,912,000 after acquiring an additional 158,797 shares during the period. Finally, Renaissance Technologies LLC increased its position in West Fraser Timber by 95.5% in the 1st quarter. Renaissance Technologies LLC now owns 206,100 shares of the company’s stock valued at $16,986,000 after acquiring an additional 100,700 shares during the period. 42.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WFG. TD Securities upped their price target on shares of West Fraser Timber from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Raymond James increased their price objective on shares of West Fraser Timber from $120.00 to $125.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 27th. Finally, CSFB increased their price objective on shares of West Fraser Timber from $92.50 to $106.50 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $109.63.

View Our Latest Analysis on WFG

West Fraser Timber Price Performance

WFG opened at $75.87 on Wednesday. West Fraser Timber Co. Ltd. has a twelve month low of $67.41 and a twelve month high of $97.12. The company has a fifty day moving average of $82.59 and a 200-day moving average of $77.50. The company has a current ratio of 3.55, a quick ratio of 2.31 and a debt-to-equity ratio of 0.07.

West Fraser Timber (NYSE:WFG – Get Free Report) last issued its earnings results on Wednesday, July 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.09. The business had revenue of $1.61 billion for the quarter. West Fraser Timber had a negative net margin of 0.74% and a positive return on equity of 1.03%. Analysts predict that West Fraser Timber Co. Ltd. will post 1.56 earnings per share for the current fiscal year.

West Fraser Timber Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Wednesday, June 21st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend was Tuesday, June 20th. West Fraser Timber’s dividend payout ratio is presently -166.66%.

West Fraser Timber Profile

(Free Report)

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, as well as particleboards.