BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $8.42 Million Holdings in West Fraser Timber Co. Ltd. (NYSE:WFG)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 194.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,589 shares of the company’s stock after buying an additional 72,311 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in West Fraser Timber were worth $8,418,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of WFG. Evergreen Capital Management LLC boosted its position in shares of West Fraser Timber by 9.0% during the 2nd quarter. Evergreen Capital Management LLC now owns 6,826 shares of the company’s stock worth $527,000 after acquiring an additional 564 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of West Fraser Timber by 18.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 989,374 shares of the company’s stock valued at $76,053,000 after purchasing an additional 153,600 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in shares of West Fraser Timber in the 2nd quarter valued at $44,000. Thrivent Financial for Lutherans acquired a new position in shares of West Fraser Timber during the 2nd quarter worth $52,645,000. Finally, Canada Pension Plan Investment Board boosted its stake in West Fraser Timber by 1.9% in the second quarter. Canada Pension Plan Investment Board now owns 236,319 shares of the company’s stock valued at $18,146,000 after buying an additional 4,300 shares in the last quarter. 40.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on WFG. BMO Capital Markets boosted their target price on West Fraser Timber from $92.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Royal Bank of Canada increased their price objective on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, West Fraser Timber currently has an average rating of “Buy” and a consensus price target of $105.60.

West Fraser Timber Price Performance

Shares of WFG stock opened at $95.06 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.33 and a quick ratio of 1.49. The business’s 50-day moving average price is $87.30 and its 200-day moving average price is $82.42. West Fraser Timber Co. Ltd. has a 12 month low of $64.11 and a 12 month high of $97.41.

West Fraser Timber (NYSE:WFG) last posted its earnings results on Wednesday, July 24th. The company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.09). West Fraser Timber had a return on equity of 3.83% and a net margin of 2.23%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, equities analysts expect that West Fraser Timber Co. Ltd. will post 2.03 earnings per share for the current year.

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, September 26th will be given a dividend of $0.237 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $0.95 dividend on an annualized basis and a dividend yield of 1.00%. West Fraser Timber’s dividend payout ratio (DPR) is presently -106.61%.

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.