West Fraser Timber Co. Ltd. (NYSE:WFG) Short Interest Up 22.5% in March

West Fraser Timber Co. Ltd. (NYSE:WFG) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 940,800 shares, an increase of 22.5% from the February 28th total of 768,000 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average daily volume of 179,300 shares, the short-interest ratio is presently 5.2 days.

Institutional Investors Weigh In On West Fraser Timber

A number of institutional investors and hedge funds have recently modified their holdings of WFG. Headlands Technologies LLC purchased a new position in West Fraser Timber in the 4th quarter worth about $35,000. Kestra Investment Management LLC purchased a new stake in shares of West Fraser Timber in the fourth quarter valued at $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in West Fraser Timber during the fourth quarter valued at approximately $52,000. Signaturefd LLC increased its stake in West Fraser Timber by 22.5% in the 4th quarter. Signaturefd LLC now owns 1,078 shares of the company’s stock valued at $93,000 after buying an additional 198 shares during the period. Finally, Natixis lifted its position in West Fraser Timber by 61.8% in the 4th quarter. Natixis now owns 1,605 shares of the company’s stock worth $139,000 after buying an additional 613 shares in the last quarter. 40.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WFG shares. TD Securities reduced their price target on shares of West Fraser Timber from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. Scotiabank decreased their target price on West Fraser Timber from $109.00 to $100.00 and set a “sector outperform” rating for the company in a research note on Tuesday, February 18th. Finally, Raymond James cut their price target on West Fraser Timber from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $106.00.

West Fraser Timber Price Performance

Shares of WFG traded up $0.26 during midday trading on Wednesday, reaching $78.29. The stock had a trading volume of 22,740 shares, compared to its average volume of 172,926. The firm’s 50 day moving average price is $80.82 and its 200-day moving average price is $88.62. West Fraser Timber has a 52 week low of $73.91 and a 52 week high of $102.40. The company has a market capitalization of $6.05 billion, a P/E ratio of -373.11 and a beta of 1.23.

West Fraser Timber (NYSE:WFG) last released its earnings results on Wednesday, February 12th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.63. West Fraser Timber had a negative net margin of 0.08% and a positive return on equity of 0.88%. On average, equities analysts forecast that West Fraser Timber will post 4.45 earnings per share for the current year.

West Fraser Timber Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Friday, March 14th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, March 14th. West Fraser Timber’s dividend payout ratio is presently -609.52%.

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.