Smead Capital Management Inc. Raises Stake in West Fraser Timber Co. Ltd. (NYSE:WFG)

Smead Capital Management Inc. lifted its stake in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) by 5.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,108 shares of the company’s stock after purchasing an additional 5,743 shares during the quarter. West Fraser Timber comprises approximately 0.2% of Smead Capital Management Inc.’s portfolio, making the stock its 28th biggest position. Smead Capital Management Inc. owned about 0.15% of West Fraser Timber worth $11,507,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans purchased a new stake in shares of West Fraser Timber during the 2nd quarter worth $52,645,000. Manning & Napier Advisors LLC purchased a new stake in West Fraser Timber during the 2nd quarter worth about $42,886,000. 1832 Asset Management L.P. lifted its stake in shares of West Fraser Timber by 178.5% in the 1st quarter. 1832 Asset Management L.P. now owns 835,774 shares of the company’s stock valued at $72,236,000 after purchasing an additional 535,708 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of West Fraser Timber by 4,057.8% in the third quarter. Van ECK Associates Corp now owns 193,752 shares of the company’s stock valued at $18,321,000 after purchasing an additional 189,092 shares during the period. Finally, Galibier Capital Management Ltd. raised its holdings in 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 acquiring an additional 168,802 shares in the last quarter. Institutional investors and hedge funds own 40.23% of the company’s stock.

West Fraser Timber Stock Performance

Shares of NYSE:WFG opened at $93.14 on Tuesday. West Fraser Timber Co. Ltd. has a 52 week low of $72.35 and a 52 week high of $102.40. The firm’s 50 day moving average is $94.75 and its two-hundred day moving average is $86.16.

West Fraser Timber (NYSE:WFG) last released 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). West Fraser Timber had a positive return on equity of 0.53% and a negative net margin of 1.53%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period in the previous year, the company posted $1.81 EPS. On average, sell-side analysts predict that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current fiscal year.

West Fraser Timber Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, September 26th were given a dividend of $0.237 per share. The ex-dividend date was Thursday, September 26th. This represents a $0.95 dividend on an annualized basis and a dividend yield of 1.02%. West Fraser Timber’s dividend payout ratio (DPR) is presently -74.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WFG shares. Scotiabank lifted their price target on West Fraser Timber from $100.00 to $120.00 and gave the stock a “sector outperform” rating in a research note on Friday, October 25th. BMO Capital Markets upped their price target on West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada boosted their target price on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Four 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 company currently 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.