CIBC Asset Management Inc Buys 4,946 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

CIBC Asset Management Inc boosted its stake in West Fraser Timber Co. Ltd. (NYSE:WFG) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,160 shares of the company’s stock after acquiring an additional 4,946 shares during the period. CIBC Asset Management Inc owned 0.09% of West Fraser Timber worth $5,462,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in WFG. Russell Investments Group Ltd. raised its position in West Fraser Timber by 0.7% in the fourth quarter. Russell Investments Group Ltd. now owns 76,836 shares of the company’s stock worth $6,607,000 after acquiring an additional 558 shares during the period. Van ECK Associates Corp raised its position in West Fraser Timber by 63.9% in the fourth quarter. Van ECK Associates Corp now owns 2,806 shares of the company’s stock worth $240,000 after acquiring an additional 1,094 shares during the period. Nicola Wealth Management LTD. bought a new stake in shares of West Fraser Timber in the fourth quarter valued at approximately $3,569,000. Norges Bank bought a new stake in shares of West Fraser Timber in the fourth quarter valued at approximately $76,413,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of West Fraser Timber in the fourth quarter valued at approximately $462,000. Institutional investors own 40.23% of the company’s stock.

West Fraser Timber Price Performance

Shares of NYSE:WFG opened at $86.53 on Thursday. The company has a 50 day moving average of $82.86 and a 200 day moving average of $81.21. The stock has a market cap of $6.79 billion, a P/E ratio of -71.51 and a beta of 1.16. West Fraser Timber Co. Ltd. has a 12 month low of $64.11 and a 12 month high of $91.43. The company has a current ratio of 2.33, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03.

West Fraser Timber (NYSE:WFG) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.09). The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.59 billion. West Fraser Timber had a net margin of 2.23% and a return on equity of 3.83%. West Fraser Timber’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) EPS. As a group, sell-side analysts forecast that West Fraser Timber Co. Ltd. will post 2.03 EPS for the current fiscal year.

West Fraser Timber Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, June 26th were paid a $0.32 dividend. The ex-dividend date of this dividend was Wednesday, June 26th. This represents a $1.28 dividend on an annualized basis and a yield of 1.48%. West Fraser Timber’s dividend payout ratio is presently -105.78%.

Analyst Ratings Changes

Several research firms have recently issued reports on WFG. BMO Capital Markets boosted their price target on shares of West Fraser Timber from $92.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Royal Bank of Canada boosted their price target on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, West Fraser Timber presently has an average rating of “Buy” and an average target price of $105.60.

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.