West Fraser Timber (NYSE:WFG) Given New $109.00 Price Target at Scotiabank

West Fraser Timber (NYSE:WFG) had its price target reduced by Scotiabank from $120.00 to $109.00 in a research note released on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other equities analysts have also issued research reports about the company. Raymond James decreased their price target on West Fraser Timber from $120.00 to $115.00 in a research note on Thursday, January 30th. BMO Capital Markets boosted their price objective on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $111.40.

West Fraser Timber Stock Performance

Shares of WFG opened at $84.22 on Monday. West Fraser Timber has a 52-week low of $73.91 and a 52-week high of $102.40. The business’s fifty day moving average is $89.64 and its 200-day moving average is $90.66. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of -65.79 and a beta of 1.22.

West Fraser Timber Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Friday, December 27th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $1.28 dividend on an annualized basis and a yield of 1.52%. This is a positive change from West Fraser Timber’s previous quarterly dividend of $0.24. West Fraser Timber’s payout ratio is currently -100.00%.

Institutional Investors Weigh In On West Fraser Timber

A number of institutional investors have recently made changes to their positions in WFG. FMR LLC grew its position in shares of West Fraser Timber by 22.5% in the 3rd quarter. FMR LLC now owns 1,447,823 shares of the company’s stock valued at $141,047,000 after buying an additional 266,298 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of West Fraser Timber by 37.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 939,079 shares of the company’s stock valued at $91,429,000 after buying an additional 254,220 shares during the last quarter. Van ECK Associates Corp grew its position in shares of West Fraser Timber by 4,057.8% in the 3rd quarter. Van ECK Associates Corp now owns 193,752 shares of the company’s stock valued at $18,321,000 after buying an additional 189,092 shares during the last quarter. Cerity Partners LLC grew its position in shares of West Fraser Timber by 128.0% in the 3rd quarter. Cerity Partners LLC now owns 247,400 shares of the company’s stock valued at $24,087,000 after buying an additional 138,871 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of West Fraser Timber in the 3rd quarter valued at about $12,370,000. Institutional investors own 40.23% of the company’s stock.

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.