West Fraser Timber Co. Ltd. (NYSE:WFG) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 28.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,066 shares of the company’s stock after acquiring an additional 8,372 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in West Fraser Timber were worth $3,713,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Toronto Dominion Bank increased its position in West Fraser Timber by 0.4% during the second quarter. Toronto Dominion Bank now owns 30,040 shares of the company’s stock worth $2,309,000 after purchasing an additional 125 shares during the last quarter. Moors & Cabot Inc. raised its position in shares of West Fraser Timber by 3.5% in the 3rd quarter. Moors & Cabot Inc. now owns 4,420 shares of the company’s stock worth $430,000 after buying an additional 150 shares during the period. Signaturefd LLC boosted its holdings in West Fraser Timber by 60.0% in the second quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after acquiring an additional 186 shares during the last quarter. Inspire Advisors LLC grew its position in West Fraser Timber by 4.3% during the second quarter. Inspire Advisors LLC now owns 4,592 shares of the company’s stock valued at $353,000 after acquiring an additional 189 shares during the period. Finally, CIBC Asset Management Inc increased its stake in West Fraser Timber by 0.4% during the third quarter. CIBC Asset Management Inc now owns 71,471 shares of the company’s stock worth $6,966,000 after acquiring an additional 311 shares during the last quarter. 40.23% of the stock is currently owned by hedge funds and other institutional investors.

West Fraser Timber Stock Performance

Shares of NYSE:WFG opened at $94.33 on Tuesday. The company has a market cap of $7.57 billion, a P/E ratio of -73.70 and a beta of 1.19. West Fraser Timber Co. Ltd. has a one year low of $72.56 and a one year high of $102.40. The business’s 50-day simple moving average is $95.71 and its 200 day simple moving average is $87.28.

West Fraser Timber (NYSE:WFG) last posted its earnings results on Wednesday, October 23rd. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). West Fraser Timber had a positive return on equity of 0.53% and a negative net margin of 1.53%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. Analysts predict that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current year.

West Fraser Timber Cuts Dividend

The firm 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 annualized dividend and a dividend yield of 1.00%. The ex-dividend date was Thursday, September 26th. West Fraser Timber’s dividend payout ratio (DPR) is -74.22%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WFG shares. Scotiabank lifted their price objective on West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a research note on Friday, October 25th. BMO Capital Markets boosted 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $111.60.

About West Fraser Timber

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.