Scopus Asset Management L.P. Acquires 67,100 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Scopus Asset Management L.P. lifted its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG) by 9.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 790,100 shares of the company’s stock after acquiring an additional 67,100 shares during the quarter. Scopus Asset Management L.P.’s holdings in West Fraser Timber were worth $56,864,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Shell Asset Management Co. bought a new stake in shares of West Fraser Timber in the 1st quarter worth approximately $29,000. MD Financial Management Inc. bought a new stake in shares of West Fraser Timber in the 1st quarter worth approximately $39,000. Jacobi Capital Management LLC bought a new stake in shares of West Fraser Timber in the 1st quarter worth approximately $40,000. Exane Derivatives bought a new stake in shares of West Fraser Timber in the 1st quarter worth approximately $50,000. Finally, Pacifica Partners Inc. bought a new stake in shares of West Fraser Timber in the 1st quarter worth approximately $53,000.

West Fraser Timber stock traded up $0.89 during mid-day trading on Thursday, reaching $71.19. 19,315 shares of the company traded hands, compared to its average volume of 344,939. The stock’s 50 day moving average price is $72.93. West Fraser Timber Co. Ltd. has a 52-week low of $43.53 and a 52-week high of $91.53.

West Fraser Timber (NYSE:WFG) last issued its quarterly earnings data on Thursday, May 6th. The company reported $6.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.66 by $2.30. The company had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.88 billion. The firm’s revenue for the quarter was up 163.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts expect that West Fraser Timber Co. Ltd. will post 27.09 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 6th. Shareholders of record on Monday, June 21st were given a dividend of $0.2068 per share. This is an increase from West Fraser Timber’s previous quarterly dividend of $0.16. This represents a $0.83 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Friday, June 18th.

WFG has been the subject of a number of recent analyst reports. CIBC lowered their price target on shares of West Fraser Timber from C$141.00 to C$118.00 and set an “outperform” rating for the company in a report on Tuesday. BMO Capital Markets upped their price target on shares of West Fraser Timber from $80.00 to $99.00 and gave the company an “outperform” rating in a report on Monday, May 10th. Scotiabank reiterated an “outperform” rating on shares of West Fraser Timber in a report on Wednesday, April 28th. Zacks Investment Research upgraded shares of West Fraser Timber from a “hold” rating to a “strong-buy” rating and set a $82.00 price target for the company in a report on Friday, June 25th. Finally, TD Securities reiterated an “action list buy” rating and set a $113.00 price target on shares of West Fraser Timber in a report on Wednesday, July 7th. Three analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $102.40.

West Fraser Timber Profile

West Fraser Timber Co Ltd., a diversified wood products company, produces and sells lumber, panels, and pulp and papers in western Canada and the southern United States. It offers spruce-pine-fir, Douglas Fir-Larch, Hem-Fir tree, and southern yellow pine lumber; treated wood products; and newsprint, wood chips, and other residuals and energy products, as well as bioproducts.

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Institutional Ownership by Quarter for West Fraser Timber (NYSE:WFG)

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