Moors & Cabot Inc. Acquires 150 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Moors & Cabot Inc. boosted its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,420 shares of the company’s stock after purchasing an additional 150 shares during the quarter. Moors & Cabot Inc.’s holdings in West Fraser Timber were worth $430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Toronto Dominion Bank increased its position in West Fraser Timber by 0.4% during the second quarter. Toronto Dominion Bank now owns 30,040 shares of the company’s stock worth $2,309,000 after acquiring an additional 125 shares during the period. Signaturefd LLC raised its position in shares of West Fraser Timber by 60.0% in the second quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after buying an additional 186 shares in the last quarter. Inspire Advisors LLC raised its position in shares of West Fraser Timber by 4.3% in the second quarter. Inspire Advisors LLC now owns 4,592 shares of the company’s stock valued at $353,000 after buying an additional 189 shares in the last quarter. CIBC Asset Management Inc grew its position in West Fraser Timber by 0.4% during the third quarter. CIBC Asset Management Inc now owns 71,471 shares of the company’s stock worth $6,966,000 after buying an additional 311 shares in the last quarter. Finally, Park Place Capital Corp bought a new position in West Fraser Timber during the 2nd quarter worth $31,000. 40.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on WFG shares. BMO Capital Markets upped their target price on West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Scotiabank increased 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 research note 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 company’s stock. According to data from MarketBeat.com, West Fraser Timber currently has an average rating of “Buy” and an average price target of $111.60.

West Fraser Timber Stock Performance

Shares of WFG opened at $94.46 on Friday. West Fraser Timber Co. Ltd. has a 52-week low of $72.35 and a 52-week high of $102.40. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of -73.80 and a beta of 1.18. The business’s fifty day moving average is $95.21 and its 200-day moving average is $86.55.

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

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, September 26th were paid a $0.237 dividend. This represents a $0.95 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Thursday, September 26th. West Fraser Timber’s payout ratio is -74.22%.

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.