Raymond James Issues Pessimistic Forecast for West Fraser Timber (NYSE:WFG) Stock Price

West Fraser Timber (NYSE:WFG) had its price target cut by Raymond James from $120.00 to $115.00 in a research report released on Thursday,BayStreet.CA reports.

Several other brokerages have also recently commented on WFG. Scotiabank upped their target price on West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a report on Friday, October 25th. BMO Capital Markets upped their price objective on shares of West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, West Fraser Timber currently has a consensus rating of “Buy” and a consensus target price of $113.60.

West Fraser Timber Stock Up 0.5 %

Shares of WFG opened at $88.05 on Thursday. The stock’s 50-day moving average price is $90.10 and its two-hundred day moving average price is $90.40. West Fraser Timber has a 12 month low of $73.91 and a 12 month high of $102.40.

West Fraser Timber Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Friday, December 27th were paid a $0.32 dividend. This is an increase from West Fraser Timber’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 1.45%. The ex-dividend date was Friday, December 27th. West Fraser Timber’s payout ratio is -100.00%.

Hedge Funds Weigh In On West Fraser Timber

Large investors have recently modified their holdings of the company. Smead Capital Management Inc. lifted its holdings in shares of West Fraser Timber by 5.1% in the third quarter. Smead Capital Management Inc. now owns 118,108 shares of the company’s stock valued at $11,507,000 after purchasing an additional 5,743 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in shares of West Fraser Timber during the 2nd quarter valued at $1,862,000. Janus Henderson Group PLC boosted its position in West Fraser Timber by 383.7% during the third quarter. Janus Henderson Group PLC now owns 74,814 shares of the company’s stock worth $7,296,000 after purchasing an additional 59,347 shares during the period. Cerity Partners LLC boosted its holdings in West Fraser Timber by 128.0% in the 3rd quarter. Cerity Partners LLC now owns 247,400 shares of the company’s stock worth $24,087,000 after buying an additional 138,871 shares during the period. Finally, Pacifica Partners Inc. grew its position in shares of West Fraser Timber by 816.2% in the third quarter. Pacifica Partners Inc. now owns 13,386 shares of the company’s stock valued at $1,306,000 after purchasing an additional 11,925 shares in the last quarter. 40.23% of the stock is currently owned by institutional investors.

West Fraser Timber Company 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.