Point72 Asset Management L.P. Sells 8,483 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Point72 Asset Management L.P. decreased its holdings in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 73.8% in the third quarter, Holdings Channel reports. The firm owned 3,017 shares of the company’s stock after selling 8,483 shares during the quarter. Point72 Asset Management L.P.’s holdings in West Fraser Timber were worth $294,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. bought a new position in shares of West Fraser Timber in the second quarter worth about $368,000. Assenagon Asset Management S.A. boosted its holdings in West Fraser Timber by 19.2% in the second quarter. Assenagon Asset Management S.A. now owns 34,052 shares of the company’s stock valued at $2,615,000 after acquiring an additional 5,495 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. boosted its stake in shares of West Fraser Timber by 15.2% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 692,453 shares of the company’s stock valued at $53,229,000 after purchasing an additional 91,490 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of West Fraser Timber by 11.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,931 shares of the company’s stock worth $4,146,000 after buying an additional 5,644 shares during the period. Finally, Galibier Capital Management Ltd. raised its stake in shares of West Fraser Timber by 152.3% during the second quarter. Galibier Capital Management Ltd. now owns 279,655 shares of the company’s stock worth $21,474,000 after buying an additional 168,802 shares during the last quarter. 40.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on WFG shares. BMO Capital Markets lifted their target price on shares of West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Scotiabank upped their price target on West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $111.60.

West Fraser Timber Price Performance

NYSE WFG opened at $92.17 on Friday. West Fraser Timber Co. Ltd. has a one year low of $72.56 and a one year high of $102.40. The firm has a market cap of $7.40 billion, a P/E ratio of -72.01 and a beta of 1.19. The stock’s 50-day moving average is $95.19 and its 200-day moving average is $87.96.

West Fraser Timber (NYSE:WFG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). West Fraser Timber had a negative net margin of 1.53% and a positive return on equity of 0.53%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the previous year, the firm posted $1.81 EPS. Equities analysts anticipate that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current year.

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.