Principal Financial Group Inc. Grows Position in West Fraser Timber Co. Ltd. (NYSE:WFG)

Principal Financial Group Inc. grew its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 12.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,974 shares of the company’s stock after purchasing an additional 1,323 shares during the period. Principal Financial Group Inc.’s holdings in West Fraser Timber were worth $1,168,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Ensign Peak Advisors Inc acquired a new position in West Fraser Timber during the second quarter worth about $44,000. Signaturefd LLC grew its holdings in shares of West Fraser Timber by 77.4% in the 3rd quarter. Signaturefd LLC now owns 880 shares of the company’s stock worth $86,000 after acquiring an additional 384 shares during the period. US Bancorp DE increased its stake in West Fraser Timber by 82.9% in the 3rd quarter. US Bancorp DE now owns 1,284 shares of the company’s stock valued at $125,000 after purchasing an additional 582 shares in the last quarter. D.B. Root & Company LLC acquired a new position in West Fraser Timber during the third quarter worth $223,000. Finally, Quantinno Capital Management LP purchased a new stake in West Fraser Timber during the third quarter worth $258,000. 40.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFG has been the subject of several research reports. BMO Capital Markets lifted their price target on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Scotiabank lifted their target price 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. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $111.60.

West Fraser Timber Stock Up 0.7 %

Shares of NYSE:WFG opened at $87.33 on Friday. The company has a market capitalization of $7.01 billion, a P/E ratio of -68.23 and a beta of 1.19. The stock’s fifty day simple moving average is $91.72 and its 200-day simple moving average is $88.91. West Fraser Timber Co. Ltd. has a 52-week low of $73.91 and a 52-week high of $102.40.

West Fraser Timber (NYSE:WFG) last released its quarterly earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share (EPS) 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 prior year, the business earned $1.81 earnings per share. On average, sell-side analysts anticipate that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current year.

West Fraser Timber Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Friday, December 27th will be paid a $0.32 dividend. This is a boost from West Fraser Timber’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Friday, December 27th. West Fraser Timber’s payout ratio is presently -100.00%.

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, 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.