Intact Investment Management Inc. Sells 23,500 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Intact Investment Management Inc. lessened its stake in West Fraser Timber Co. Ltd. (NYSE:WFG) by 53.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 20,200 shares of the company’s stock after selling 23,500 shares during the period. Intact Investment Management Inc.’s holdings in West Fraser Timber were worth $1,968,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in WFG. Thrivent Financial for Lutherans bought a new stake in shares of West Fraser Timber in the second quarter valued at about $52,645,000. Manning & Napier Advisors LLC bought a new stake in shares of West Fraser Timber in the second quarter valued at about $42,886,000. 1832 Asset Management L.P. lifted its stake in shares of West Fraser Timber by 178.5% in the first quarter. 1832 Asset Management L.P. now owns 835,774 shares of the company’s stock valued at $72,236,000 after buying an additional 535,708 shares during the period. Van ECK Associates Corp lifted its stake in shares of West Fraser Timber by 4,057.8% in the third quarter. Van ECK Associates Corp now owns 193,752 shares of the company’s stock valued at $18,321,000 after buying an additional 189,092 shares during the period. Finally, Galibier Capital Management Ltd. lifted its stake in shares of West Fraser Timber by 152.3% in the second quarter. Galibier Capital Management Ltd. now owns 279,655 shares of the company’s stock valued at $21,474,000 after buying an additional 168,802 shares during the period. Institutional investors own 40.23% of the company’s stock.

Wall Street Analysts Forecast Growth

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

West Fraser Timber Trading Up 0.2 %

NYSE WFG opened at $92.15 on Tuesday. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of -71.99 and a beta of 1.18. The company has a 50 day moving average of $93.86 and a 200-day moving average of $85.15. West Fraser Timber Co. Ltd. has a 1-year low of $71.80 and a 1-year high of $102.40.

West Fraser Timber (NYSE:WFG) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.87). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. West Fraser Timber had a positive return on equity of 0.53% and a negative net margin of 1.53%. During the same period in the previous year, the business posted $1.81 EPS. On average, analysts forecast 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. Stockholders of record on Thursday, September 26th were issued a dividend of $0.237 per share. This represents a $0.95 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, September 26th. West Fraser Timber’s payout ratio is -74.22%.

About West Fraser Timber

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.