Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in West Fraser Timber Co. Ltd. (NYSE:WFG)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG) by 45.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 197,406 shares of the company’s stock after selling 164,545 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in West Fraser Timber were worth $19,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Toronto Dominion Bank increased its stake 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 acquiring an additional 125 shares during the last quarter. Signaturefd LLC boosted its stake in West Fraser Timber by 60.0% during the second quarter. Signaturefd LLC now owns 496 shares of the company’s stock worth $38,000 after buying an additional 186 shares during the period. Inspire Advisors LLC increased 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 last quarter. Moors & Cabot Inc. raised its stake in shares of West Fraser Timber by 4.7% in the second quarter. Moors & Cabot Inc. now owns 4,270 shares of the company’s stock valued at $328,000 after acquiring an additional 190 shares during the period. Finally, Bank of Nova Scotia Trust Co. lifted its holdings in shares of West Fraser Timber by 6.9% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 3,472 shares of the company’s stock worth $300,000 after acquiring an additional 224 shares during the last quarter. 40.23% of the stock is currently owned by institutional investors.

West Fraser Timber Stock Up 1.1 %

Shares of NYSE:WFG opened at $93.44 on Thursday. The firm’s 50 day simple moving average is $94.99 and its 200-day simple moving average is $86.31. West Fraser Timber Co. Ltd. has a one year low of $72.35 and a one year high of $102.40.

West Fraser Timber (NYSE:WFG) last released its quarterly earnings data on Wednesday, October 23rd. The company reported ($1.03) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.45 billion. During the same quarter in the previous year, the business earned $1.81 earnings per share. As a group, equities analysts expect that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current year.

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, September 26th were paid a dividend of $0.237 per share. This represents a $0.95 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Thursday, September 26th. West Fraser Timber’s dividend payout ratio (DPR) is currently -74.22%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. BMO Capital Markets upped 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. Royal Bank of Canada increased their price target on West Fraser Timber from $97.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Scotiabank boosted their price objective 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. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $111.60.

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.