PCJ Investment Counsel Ltd. Acquires New Shares in West Fraser Timber Co. Ltd. (NYSE:WFG)

PCJ Investment Counsel Ltd. acquired a new stake in West Fraser Timber Co. Ltd. (NYSE:WFG) in the third quarter, according to its most recent filing with the SEC. The fund acquired 10,000 shares of the company’s stock, valued at approximately $974,000.

Other hedge funds have also bought and sold shares of the company. Park Place Capital Corp purchased a new position in West Fraser Timber in the 2nd quarter valued at approximately $31,000. Signaturefd LLC boosted its holdings in West Fraser Timber by 60.0% in the 2nd quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after purchasing an additional 186 shares during the period. Ensign Peak Advisors Inc bought a new position in West Fraser Timber in the 2nd quarter valued at $44,000. UniSuper Management Pty Ltd boosted its holdings in West Fraser Timber by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $69,000 after purchasing an additional 400 shares during the period. Finally, US Bancorp DE boosted its holdings in West Fraser Timber by 82.9% in the 3rd quarter. US Bancorp DE now owns 1,284 shares of the company’s stock valued at $125,000 after purchasing an additional 582 shares during the period. 40.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Scotiabank raised their price target on shares of West Fraser Timber from $100.00 to $120.00 and gave the company a “sector outperform” rating in a report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, BMO Capital Markets raised their price target on shares of West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $111.60.

West Fraser Timber Stock Performance

WFG stock opened at $92.46 on Wednesday. The firm’s 50-day moving average price is $94.85 and its two-hundred day moving average price is $86.26. West Fraser Timber Co. Ltd. has a 12-month low of $72.35 and a 12-month high of $102.40.

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

West Fraser Timber Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, September 26th were given a $0.237 dividend. This represents a $0.95 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Thursday, September 26th. West Fraser Timber’s payout ratio is -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.