Heritage Wealth Management Inc. Cuts Stake in West Fraser Timber Co. Ltd. (NYSE:WFG)

Heritage Wealth Management Inc. cut its holdings in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 31.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,525 shares of the company’s stock after selling 1,650 shares during the quarter. Heritage Wealth Management Inc.’s holdings in West Fraser Timber were worth $343,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 1832 Asset Management L.P. raised its position in West Fraser Timber by 18.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 989,374 shares of the company’s stock worth $76,053,000 after purchasing an additional 153,600 shares during the period. Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of West Fraser Timber by 15.2% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 692,453 shares of the company’s stock worth $53,229,000 after buying an additional 91,490 shares during the period. Thrivent Financial for Lutherans bought a new stake in shares of West Fraser Timber in the 2nd quarter valued at about $52,645,000. Vontobel Holding Ltd. boosted its holdings in West Fraser Timber by 7.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 571,583 shares of the company’s stock valued at $55,683,000 after acquiring an additional 39,651 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in West Fraser Timber during the 2nd quarter worth approximately $42,886,000. 40.23% of the stock is currently owned by institutional investors.

West Fraser Timber Price Performance

Shares of WFG traded down $0.54 during mid-day trading on Friday, hitting $91.90. 3,736 shares of the company’s stock traded hands, compared to its average volume of 159,561. The business’s 50-day moving average price is $94.11 and its 200-day moving average price is $85.37. West Fraser Timber Co. Ltd. has a 1 year low of $71.80 and a 1 year high of $102.40.

West Fraser Timber (NYSE:WFG) last issued its quarterly earnings data 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). 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 for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. On average, equities research analysts predict that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current year.

West Fraser Timber Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Thursday, September 26th. West Fraser Timber’s payout ratio is currently -74.22%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WFG. BMO Capital Markets boosted their price objective 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 upped their price target on shares of West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased 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. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $111.60.

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.