Mackenzie Financial Corp Sells 475,407 Shares of West Fraser Timber Co. Ltd. (NYSE:WFG)

Mackenzie Financial Corp decreased its stake in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 62.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,621 shares of the company's stock after selling 475,407 shares during the period. Mackenzie Financial Corp owned about 0.36% of West Fraser Timber worth $21,632,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Park Place Capital Corp acquired a new position in West Fraser Timber in the 2nd quarter worth about $31,000. Signaturefd LLC grew its stake in shares of West Fraser Timber by 60.0% in the second quarter. Signaturefd LLC now owns 496 shares of the company's stock worth $38,000 after purchasing an additional 186 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in West Fraser Timber in the fourth quarter valued at $43,000. Ensign Peak Advisors Inc bought a new position in West Fraser Timber during the 2nd quarter worth $44,000. Finally, UniSuper Management Pty Ltd grew its position in shares of West Fraser Timber by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the company's stock valued at $69,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 40.23% of the company's stock.

West Fraser Timber Stock Performance

Shares of WFG traded up $0.58 during mid-day trading on Monday, hitting $97.05. The stock had a trading volume of 55,765 shares, compared to its average volume of 157,916. West Fraser Timber Co. Ltd. has a 52 week low of $64.11 and a 52 week high of $97.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.49 and a current ratio of 2.33. The business has a fifty day moving average price of $87.99 and a 200-day moving average price of $82.61.

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

West Fraser Timber Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, September 26th will be issued a $0.237 dividend. This represents a $0.95 annualized dividend and a yield of 0.98%. The ex-dividend date is Thursday, September 26th. West Fraser Timber's dividend payout ratio (DPR) is presently -78.51%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on WFG shares. Royal Bank of Canada boosted their target price on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, July 26th. BMO Capital Markets increased their target price on shares of West Fraser Timber from $92.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 30th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, West Fraser Timber currently has a consensus 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.