Waratah Capital Advisors Ltd. raised its position in West Fraser Timber Co. Ltd. (NYSE:WFG – Get Rating) by 45.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 993,423 shares of the company’s stock after purchasing an additional 308,912 shares during the period. West Fraser Timber comprises about 1.1% of Waratah Capital Advisors Ltd.’s investment portfolio, making the stock its 9th largest position. Waratah Capital Advisors Ltd. owned about 0.98% of West Fraser Timber worth $81,721,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Norges Bank purchased a new position in shares of West Fraser Timber during the 4th quarter worth about $372,878,000. Impala Asset Management LLC increased its position in West Fraser Timber by 14.3% during the 4th quarter. Impala Asset Management LLC now owns 1,238,439 shares of the company’s stock worth $118,155,000 after purchasing an additional 155,275 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in West Fraser Timber by 27.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,170,574 shares of the company’s stock valued at $111,766,000 after acquiring an additional 252,111 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in West Fraser Timber by 19.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,136,711 shares of the company’s stock valued at $108,529,000 after acquiring an additional 183,150 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in West Fraser Timber by 7.6% in the fourth quarter. Allianz Asset Management GmbH now owns 984,076 shares of the company’s stock valued at $94,016,000 after acquiring an additional 69,704 shares in the last quarter. 74.44% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
WFG has been the topic of several research analyst reports. Scotiabank reduced their price objective on West Fraser Timber from C$157.00 to C$143.00 in a research note on Friday, June 17th. TD Securities raised their target price on West Fraser Timber from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 20th.
West Fraser Timber Price Performance
West Fraser Timber (NYSE:WFG – Get Rating) last released its earnings results on Wednesday, July 27th. The company reported $7.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.17 by ($0.58). The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $3.51 billion. West Fraser Timber had a return on equity of 33.60% and a net margin of 25.46%. West Fraser Timber’s revenue was down 23.6% on a year-over-year basis. During the same period in the previous year, the firm earned $12.32 earnings per share. Research analysts expect that West Fraser Timber Co. Ltd. will post 26.46 earnings per share for the current fiscal year.
West Fraser Timber Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Wednesday, June 22nd were paid a $0.30 dividend. The ex-dividend date was Tuesday, June 21st. This represents a $1.20 dividend on an annualized basis and a yield of 1.34%. This is a boost from West Fraser Timber’s previous quarterly dividend of $0.25. West Fraser Timber’s dividend payout ratio (DPR) is currently 4.77%.
West Fraser Timber 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 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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