West Fraser Timber (NYSE:WFG) Price Target Lowered to $83.00 at Royal Bank Of Canada

West Fraser Timber (NYSE:WFG) had its price objective cut by Royal Bank Of Canada from $85.00 to $83.00 in a research report report published on Friday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

WFG has been the subject of a number of other reports. Weiss Ratings restated a “sell (d)” rating on shares of West Fraser Timber in a research note on Friday, July 17th. Raymond James Financial downgraded shares of West Fraser Timber from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $85.00 to $75.00 in a research note on Thursday, April 23rd. TD Securities reiterated a “buy” rating on shares of West Fraser Timber in a report on Friday. TD Cowen reduced 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. Finally, Fraser Mackenzie decreased their price objective on shares of West Fraser Timber from $88.00 to $86.00 and set a “buy” rating for the company in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $83.20.

West Fraser Timber Trading Up 1.6%

NYSE WFG opened at $64.75 on Friday. West Fraser Timber has a 12 month low of $57.34 and a 12 month high of $76.99. The company has a current ratio of 2.06, a quick ratio of 0.66 and a debt-to-equity ratio of 0.05. The stock’s fifty day moving average price is $67.66 and its 200-day moving average price is $66.76. The stock has a market cap of $5.07 billion, a P/E ratio of -4.19 and a beta of 1.00.

West Fraser Timber (NYSE:WFG) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.08). The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.45 billion. West Fraser Timber had a negative return on equity of 10.84% and a negative net margin of 22.98%. As a group, equities analysts forecast that West Fraser Timber will post -3.56 EPS for the current fiscal year.

West Fraser Timber Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Thursday, June 25th were given a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. West Fraser Timber’s payout ratio is -8.29%.

Hedge Funds Weigh In On West Fraser Timber

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Donald Smith & CO. Inc. bought a new stake in shares of West Fraser Timber in the fourth quarter worth approximately $91,014,000. Price T Rowe Associates Inc. MD raised its holdings in shares of West Fraser Timber by 28.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,613,139 shares of the company’s stock valued at $220,799,000 after purchasing an additional 802,477 shares during the last quarter. Norges Bank bought a new position in West Fraser Timber during the fourth quarter valued at approximately $39,660,000. T. Rowe Price Investment Management Inc. lifted its position in West Fraser Timber by 500.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 530,573 shares of the company’s stock valued at $32,424,000 after purchasing an additional 442,138 shares during the period. Finally, Royal Bank of Canada boosted its holdings in West Fraser Timber by 10.3% in the first quarter. Royal Bank of Canada now owns 3,450,867 shares of the company’s stock worth $225,306,000 after purchasing an additional 321,102 shares during the last quarter. Institutional investors own 40.23% of the company’s stock.

West Fraser Timber Company 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.