100,000 Shares in West Fraser Timber Co. Ltd. $WFG Acquired by NewGen Asset Management Ltd

NewGen Asset Management Ltd bought a new stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) in the 1st quarter, Holdings Channel.com reports. The firm bought 100,000 shares of the company’s stock, valued at approximately $6,529,000. West Fraser Timber makes up 2.5% of NewGen Asset Management Ltd’s holdings, making the stock its 10th biggest position.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in West Fraser Timber by 72.2% in the first quarter. Parallel Advisors LLC now owns 439 shares of the company’s stock worth $29,000 after acquiring an additional 184 shares during the period. EFG International AG bought a new position in West Fraser Timber in the 4th quarter worth $31,000. Physician Wealth Advisors Inc. lifted its position in West Fraser Timber by 177.0% during the first quarter. Physician Wealth Advisors Inc. now owns 579 shares of the company’s stock valued at $38,000 after purchasing an additional 370 shares in the last quarter. Jain Global LLC bought a new stake in West Fraser Timber during the third quarter valued at about $224,000. Finally, Park Avenue Securities LLC bought a new stake in West Fraser Timber during the fourth quarter valued at about $229,000. 40.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFG has been the topic of several recent research reports. Fraser Mackenzie decreased their price objective on West Fraser Timber from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Royal Bank Of Canada boosted their price objective on West Fraser Timber from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday. TD Securities reissued a “buy” rating and issued a $86.00 target price on shares of West Fraser Timber in a report on Friday, May 1st. Weiss Ratings restated a “sell (d)” rating on shares of West Fraser Timber in a research note on Friday. Finally, TD Cowen dropped their price target on shares of West Fraser Timber from $88.00 to $86.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, West Fraser Timber currently has an average rating of “Hold” and an average price target of $83.60.

West Fraser Timber Stock Down 3.2%

Shares of WFG opened at $68.13 on Tuesday. The business’s 50 day moving average is $66.70 and its 200 day moving average is $66.59. The company has a market capitalization of $5.33 billion, a PE ratio of -4.53 and a beta of 1.00. West Fraser Timber Co. Ltd. has a 12-month low of $57.34 and a 12-month high of $76.99. The company has a current ratio of 1.84, a quick ratio of 0.66 and a debt-to-equity ratio of 0.05.

West Fraser Timber (NYSE:WFG) last posted its quarterly earnings results on Wednesday, April 29th. The company reported ($2.40) earnings per share for the quarter, missing the consensus estimate of ($1.23) by ($1.17). West Fraser Timber had a negative return on equity of 9.67% and a negative net margin of 21.86%.The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. Research analysts expect that West Fraser Timber Co. Ltd. will post -3.97 earnings per share for the current fiscal year.

West Fraser Timber Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Thursday, June 25th were given a dividend of $0.32 per share. The ex-dividend date was Thursday, June 25th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.9%. West Fraser Timber’s dividend payout ratio is currently -8.51%.

West Fraser Timber Profile

West Fraser Timber Co Ltd. (NYSE: WFG) is a leading North American diversified wood products company headquartered in Vancouver, British Columbia. The company operates a broad portfolio of manufacturing facilities that produce lumber, engineered wood products such as laminated veneer lumber (LVL), oriented strand board (OSB) and plywood, as well as medium density fibreboard (MDF), particleboard, pulp and paper. West Fraser’s integrated production model spans harvesting, milling and finishing, allowing it to serve a wide range of residential, commercial and industrial construction markets.

Founded in 1955 as West Fraser Mills, the company has grown through both organic investment and strategic acquisitions to become one of the largest lumber producers in the world.