QRG Capital Management Inc. Buys 69,379 Shares of Weyerhaeuser (NYSE:WY)

QRG Capital Management Inc. increased its stake in Weyerhaeuser (NYSE:WY) by 23.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 370,230 shares of the real estate investment trust’s stock after purchasing an additional 69,379 shares during the quarter. QRG Capital Management Inc.’s holdings in Weyerhaeuser were worth $10,840,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Sowell Financial Services LLC raised its holdings in shares of Weyerhaeuser by 3.2% in the 1st quarter. Sowell Financial Services LLC now owns 75,592 shares of the real estate investment trust’s stock worth $2,213,000 after purchasing an additional 2,347 shares during the period. Brown Miller Wealth Management LLC purchased a new position in Weyerhaeuser in the 1st quarter valued at approximately $263,000. Optas LLC purchased a new position in Weyerhaeuser in the 1st quarter valued at approximately $306,000. Exchange Traded Concepts LLC grew its stake in Weyerhaeuser by 472.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 44,585 shares of the real estate investment trust’s stock valued at $1,305,000 after buying an additional 36,795 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake in Weyerhaeuser by 23,525.2% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 1,428,378 shares of the real estate investment trust’s stock valued at $41,823,000 after buying an additional 1,422,332 shares in the last quarter. Institutional investors own 82.99% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on WY shares. Citigroup reduced their price objective on shares of Weyerhaeuser from $35.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, June 3rd. Truist Financial reduced their price objective on shares of Weyerhaeuser from $33.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. started coverage on shares of Weyerhaeuser in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $31.00 price objective for the company. The Goldman Sachs Group lowered shares of Weyerhaeuser from a “strong-buy” rating to a “strong sell” rating in a research note on Friday, May 23rd. Finally, CIBC reduced their price target on shares of Weyerhaeuser from $35.00 to $32.00 and set an “outperformer” rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Weyerhaeuser presently has a consensus rating of “Moderate Buy” and an average price target of $33.25.

Weyerhaeuser Stock Down 0.3%

WY opened at $26.72 on Tuesday. The company has a fifty day moving average price of $26.04 and a 200-day moving average price of $28.26. The firm has a market capitalization of $19.38 billion, a P/E ratio of 48.58, a price-to-earnings-growth ratio of 4.74 and a beta of 1.16. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.79 and a quick ratio of 1.17. Weyerhaeuser has a one year low of $24.10 and a one year high of $34.03.

Weyerhaeuser (NYSE:WY) last announced its earnings results on Thursday, April 24th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. Weyerhaeuser had a net margin of 5.56% and a return on equity of 3.86%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities research analysts expect that Weyerhaeuser will post 0.78 earnings per share for the current fiscal year.

Weyerhaeuser declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 8th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Weyerhaeuser Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a $0.21 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.84 annualized dividend and a yield of 3.14%. Weyerhaeuser’s dividend payout ratio (DPR) is presently 168.00%.

About Weyerhaeuser

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards.