First Trust Direct Indexing L.P. Has $395,000 Stake in West Fraser Timber Co. Ltd. (NYSE:WFG)

First Trust Direct Indexing L.P. decreased its position in West Fraser Timber Co. Ltd. (NYSE:WFG) by 22.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,052 shares of the company’s stock after selling 1,155 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in West Fraser Timber were worth $395,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WFG. Thrivent Financial for Lutherans bought a new stake in West Fraser Timber during the second quarter worth $52,645,000. Manning & Napier Advisors LLC acquired a new stake in West Fraser Timber during the 2nd quarter worth about $42,886,000. 1832 Asset Management L.P. grew its stake in shares of West Fraser Timber by 178.5% in the 1st 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. Galibier Capital Management Ltd. grew its stake in shares of West Fraser Timber by 152.3% in the 2nd 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. Finally, International Assets Investment Management LLC bought a new position in West Fraser Timber in the 3rd quarter valued at about $12,370,000. Institutional investors and hedge funds own 40.23% of the company’s stock.

West Fraser Timber Stock Performance

Shares of NYSE WFG opened at $91.97 on Monday. The firm’s 50 day moving average price is $93.83 and its 200-day moving average price is $85.00. The company has a market cap of $7.38 billion, a PE ratio of -71.85 and a beta of 1.18. West Fraser Timber Co. Ltd. has a 52-week low of $70.70 and a 52-week high of $102.40.

West Fraser Timber (NYSE:WFG) last issued its 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 during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $1.81 EPS. On average, analysts forecast that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current fiscal year.

West Fraser Timber Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, September 26th were given a $0.237 dividend. The ex-dividend date was Thursday, September 26th. This represents a $0.95 annualized dividend and a yield of 1.03%. West Fraser Timber’s payout ratio is presently -73.44%.

Analyst Upgrades and Downgrades

WFG has been the topic of several recent analyst reports. 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 research report on Tuesday, October 22nd. Royal Bank of Canada boosted their price target on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Scotiabank lifted their price objective on shares of West Fraser Timber from $100.00 to $120.00 and gave the stock a “sector outperform” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, West Fraser Timber has a consensus rating of “Buy” and an average target price of $111.60.

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.