Massachusetts Financial Services Co. MA Makes New Investment in West Fraser Timber Co. Ltd. (NYSE:WFG)

Massachusetts Financial Services Co. MA bought a new stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,253 shares of the company’s stock, valued at approximately $1,634,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new position in West Fraser Timber during the 4th quarter valued at $76,413,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of West Fraser Timber during the fourth quarter valued at about $462,000. Hsbc Holdings PLC raised its stake in West Fraser Timber by 29.3% in the fourth quarter. Hsbc Holdings PLC now owns 268,764 shares of the company’s stock worth $23,005,000 after buying an additional 60,823 shares in the last quarter. JARISLOWSKY FRASER Ltd lifted its holdings in West Fraser Timber by 140.2% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 7,205 shares of the company’s stock worth $619,000 after buying an additional 4,205 shares during the period. Finally, TD Asset Management Inc boosted its position in West Fraser Timber by 5.6% during the 4th quarter. TD Asset Management Inc now owns 361,220 shares of the company’s stock valued at $31,054,000 after acquiring an additional 19,124 shares in the last quarter. Institutional investors own 40.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Royal Bank of Canada raised their target price on West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. BMO Capital Markets lifted their price target on shares of West Fraser Timber from $92.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Four 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.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $105.60.

West Fraser Timber Price Performance

Shares of NYSE:WFG opened at $95.11 on Monday. The business has a fifty day moving average price of $86.28 and a 200-day moving average price of $82.12. 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 company has a market capitalization of $7.50 billion, a PE ratio of -78.60 and a beta of 1.16. West Fraser Timber Co. Ltd. has a 1-year low of $64.11 and a 1-year high of $95.81.

West Fraser Timber (NYSE:WFG) last issued its earnings results on Wednesday, July 24th. The company reported $1.20 earnings per share (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 firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the firm posted ($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 EPS for the current fiscal year.

West Fraser Timber Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, September 26th will be paid a $0.237 dividend. This represents a $0.95 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Thursday, September 26th. West Fraser Timber’s dividend payout ratio is currently -77.69%.

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.