Van ECK Associates Corp Acquires 189,092 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Van ECK Associates Corp grew its stake in West Fraser Timber Co. Ltd. (NYSE:WFG) by 4,057.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 193,752 shares of the company’s stock after acquiring an additional 189,092 shares during the quarter. Van ECK Associates Corp owned 0.24% of West Fraser Timber worth $18,321,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of WFG. Thrivent Financial for Lutherans acquired a new stake in West Fraser Timber during the 2nd quarter worth $52,645,000. Manning & Napier Advisors LLC acquired a new position in shares of West Fraser Timber in the 2nd quarter valued at approximately $42,886,000. 1832 Asset Management L.P. boosted its holdings in shares of West Fraser Timber by 178.5% in the first quarter. 1832 Asset Management L.P. now owns 835,774 shares of the company’s stock valued at $72,236,000 after buying an additional 535,708 shares during the period. Galibier Capital Management Ltd. boosted its holdings in shares of West Fraser Timber by 152.3% in the second quarter. Galibier Capital Management Ltd. now owns 279,655 shares of the company’s stock valued at $21,474,000 after buying an additional 168,802 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in West Fraser Timber in the 3rd quarter worth $12,370,000. Institutional investors own 40.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on WFG shares. Scotiabank upped their price objective on West Fraser Timber from $100.00 to $120.00 and gave the stock a “sector outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada increased their target price on shares of West Fraser Timber from $97.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, BMO Capital Markets increased their price objective on shares of West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. 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 MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $111.60.

West Fraser Timber Trading Up 0.2 %

Shares of WFG stock opened at $92.15 on Tuesday. West Fraser Timber Co. Ltd. has a one year low of $71.80 and a one year high of $102.40. The company has a fifty day moving average price of $93.86 and a two-hundred day moving average price of $85.15.

West Fraser Timber (NYSE:WFG) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.87). The business had revenue of $1.44 billion for the quarter, compared to analyst estimates 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 period in the prior year, the business earned $1.81 EPS. On average, research analysts expect that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current year.

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, September 26th were given a dividend of $0.237 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $0.95 annualized dividend and a yield of 1.03%. West Fraser Timber’s dividend payout ratio (DPR) is presently -74.22%.

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.