Candriam Luxembourg S.C.A. Invests $295,000 in West Fraser Timber Co. Ltd. (NYSE:WFG)

Candriam Luxembourg S.C.A. purchased a new position in shares of West Fraser Timber Co. Ltd. (NYSE:WFG) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,505 shares of the company’s stock, valued at approximately $295,000.

Several other hedge funds have also modified their holdings of the company. TD Asset Management Inc. increased its position in shares of West Fraser Timber by 13.2% during the third quarter. TD Asset Management Inc. now owns 480,689 shares of the company’s stock worth $40,478,000 after purchasing an additional 56,086 shares in the last quarter. Toronto Dominion Bank increased its position in shares of West Fraser Timber by 535.8% during the third quarter. Toronto Dominion Bank now owns 265,652 shares of the company’s stock worth $22,374,000 after purchasing an additional 223,867 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of West Fraser Timber by 0.9% during the third quarter. Mackenzie Financial Corp now owns 2,060,456 shares of the company’s stock worth $173,256,000 after purchasing an additional 18,650 shares in the last quarter. Cim LLC acquired a new position in shares of West Fraser Timber during the third quarter worth $2,178,000. Finally, ClariVest Asset Management LLC acquired a new position in shares of West Fraser Timber in the 3rd quarter valued at $1,984,000. 55.84% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently issued reports on WFG. Raymond James upped their target price on West Fraser Timber from C$170.00 to C$175.00 and gave the company a “strong-buy” rating in a research report on Wednesday, October 13th. Zacks Investment Research raised West Fraser Timber from a “hold” rating to a “strong-buy” rating and set a $101.00 target price on the stock in a research report on Friday, December 17th. Scotiabank upped their target price on West Fraser Timber from C$137.00 to C$143.00 in a research report on Wednesday. TD Securities downgraded West Fraser Timber from an “action list buy” rating to a “buy” rating and set a C$110.00 target price on the stock. in a research report on Monday, October 25th. They noted that the move was a valuation call. Finally, CIBC raised West Fraser Timber from a “neutral” rating to a “buy” rating and set a $118.60 target price on the stock in a research report on Monday, January 10th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, West Fraser Timber has a consensus rating of “Buy” and a consensus price target of $129.51.

WFG stock opened at $97.27 on Friday. The company’s 50-day simple moving average is $88.74 and its 200-day simple moving average is $81.40. West Fraser Timber Co. Ltd. has a 52-week low of $58.99 and a 52-week high of $101.83. The firm has a market cap of $10.11 billion and a P/E ratio of 3.53.

West Fraser Timber (NYSE:WFG) last issued its quarterly earnings results on Wednesday, October 27th. The company reported $4.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.15 by $0.05. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.69 billion. The firm’s revenue was up 86.0% on a year-over-year basis. On average, research analysts expect that West Fraser Timber Co. Ltd. will post 28.26 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 11th. Investors of record on Tuesday, December 28th were paid a $0.156 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Monday, December 27th. West Fraser Timber’s dividend payout ratio is presently 2.90%.

About West Fraser Timber

West Fraser Timber Co Ltd. is a diversified wood products company, which engages in producing lumber, engineered wood products (oriented strand board, laminated veneer lumber, medium density fiberboard, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. Its products are used in home construction, repair and remodeling, industrial applications, papers, tissue, and box materials.

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

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