Scotiabank Raises West Fraser Timber (NYSE:WFG) Price Target to C$143.00

West Fraser Timber (NYSE:WFG) had its price target increased by Scotiabank from C$137.00 to C$143.00 in a report published on Wednesday, The Fly reports.

A number of other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of West Fraser Timber from a hold rating to a strong-buy rating and set a $101.00 price objective on the stock in a research note on Friday, December 17th. CIBC upgraded shares of West Fraser Timber from a neutral rating to a buy rating and set a $118.60 price objective on the stock in a research note on Monday, January 10th. Raymond James raised their price objective on shares of West Fraser Timber from C$170.00 to C$175.00 and gave the company a strong-buy rating in a research note on Wednesday, October 13th. Finally, TD Securities lowered shares of West Fraser Timber from an action list buy rating to a buy rating and set a C$110.00 price objective on the stock. in a research note on Monday, October 25th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $129.51.

Shares of NYSE:WFG opened at $97.27 on Wednesday. The firm’s 50 day moving average is $88.74 and its two-hundred day moving average is $81.40. West Fraser Timber has a 52 week low of $58.99 and a 52 week high of $101.83. The firm has a market capitalization of $10.11 billion and a P/E ratio of 3.53.

West Fraser Timber (NYSE:WFG) last posted its quarterly earnings data on Wednesday, October 27th. The company reported $4.20 EPS for the quarter, beating the Zacks’ consensus estimate of $4.15 by $0.05. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.69 billion. The company’s revenue was up 86.0% compared to the same quarter last year. Sell-side analysts anticipate that West Fraser Timber will post 28.26 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 11th. Investors of record on Tuesday, December 28th were issued a dividend of $0.156 per share. This represents a $0.62 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Monday, December 27th. West Fraser Timber’s payout ratio is 2.90%.

A number of large investors have recently modified their holdings of the stock. Spire Wealth Management acquired a new position in West Fraser Timber in the 4th quarter worth approximately $82,000. Gulf International Bank UK Ltd boosted its stake in West Fraser Timber by 16.2% in the 2nd quarter. Gulf International Bank UK Ltd now owns 1,365 shares of the company’s stock worth $97,000 after purchasing an additional 190 shares during the period. Van ECK Associates Corp boosted its stake in West Fraser Timber by 54.6% in the 2nd quarter. Van ECK Associates Corp now owns 1,697 shares of the company’s stock worth $122,000 after purchasing an additional 599 shares during the period. Ossiam acquired a new position in West Fraser Timber in the 2nd quarter worth approximately $151,000. Finally, Gotham Asset Management LLC acquired a new position in West Fraser Timber in the 3rd quarter worth approximately $200,000. Hedge funds and other institutional investors own 55.84% of the company’s stock.

West Fraser Timber Company Profile

West Fraser Timber Co Ltd. is a diversified wood products company, which engages in producing lumber, engineered wood products (oriented strand board, laminated veneer lumber, medium density fiberboard, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. Its products are used in home construction, repair and remodeling, industrial applications, papers, tissue, and box materials.

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