Franklin Resources Inc. Cuts Stake in West Fraser Timber Co. Ltd. (NYSE:WFG)

Franklin Resources Inc. cut its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,790 shares of the company’s stock after selling 639 shares during the period. Franklin Resources Inc.’s holdings in West Fraser Timber were worth $1,006,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in West Fraser Timber by 60.0% during the 2nd quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after acquiring an additional 186 shares during the period. Ensign Peak Advisors Inc purchased a new stake in shares of West Fraser Timber during the second quarter valued at approximately $44,000. US Bancorp DE grew its holdings in shares of West Fraser Timber by 82.9% in the third quarter. US Bancorp DE now owns 1,284 shares of the company’s stock worth $125,000 after purchasing an additional 582 shares during the last quarter. D.B. Root & Company LLC purchased a new position in shares of West Fraser Timber in the third quarter worth $223,000. Finally, Quantinno Capital Management LP bought a new stake in West Fraser Timber during the 3rd quarter valued at $258,000. 40.23% of the stock is currently owned by hedge funds and other institutional investors.

West Fraser Timber Price Performance

Shares of NYSE WFG opened at $86.47 on Friday. West Fraser Timber Co. Ltd. has a 1 year low of $73.91 and a 1 year high of $102.40. The stock has a market capitalization of $6.94 billion, a P/E ratio of -67.55 and a beta of 1.19. The company’s 50-day moving average is $92.58 and its 200 day moving average is $88.64.

West Fraser Timber (NYSE:WFG) last posted its earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates 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 last year, the company posted $1.81 EPS. Research analysts anticipate that West Fraser Timber Co. Ltd. will post 0.95 earnings per share for the current year.

West Fraser Timber Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Friday, December 27th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, December 27th. This represents a $1.28 annualized dividend and a yield of 1.48%. This is a positive change from West Fraser Timber’s previous quarterly dividend of $0.24. West Fraser Timber’s dividend payout ratio (DPR) is currently -100.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. BMO Capital Markets boosted their price objective on shares of West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Scotiabank boosted their price target 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 equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $111.60.

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.