Scotiabank Issues Pessimistic Forecast for West Fraser Timber (NYSE:WFG) Stock Price

West Fraser Timber (NYSE:WFG - Free Report) had its price objective reduced by Scotiabank from $120.00 to $109.00 in a research note published on Monday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

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

West Fraser Timber Price Performance

NYSE WFG traded up $1.41 during mid-day trading on Monday, hitting $85.80. The company's stock had a trading volume of 172,873 shares, compared to its average volume of 173,340. The firm has a market capitalization of $6.67 billion, a P/E ratio of -67.03 and a beta of 1.22. West Fraser Timber has a 52-week low of $73.91 and a 52-week high of $102.40. The stock's fifty day simple moving average is $88.84 and its two-hundred day simple moving average is $90.62.

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West Fraser Timber Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Friday, December 27th were paid a dividend of $0.32 per share. The ex-dividend date was Friday, December 27th. This is an increase from West Fraser Timber's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 1.49%. West Fraser Timber's dividend payout ratio (DPR) is currently -100.00%.

Institutional Investors Weigh In On West Fraser Timber

Several hedge funds and other institutional investors have recently bought and sold shares of WFG. Raymond James Financial Inc. acquired a new stake in shares of West Fraser Timber in the 4th quarter valued at about $487,000. Aigen Investment Management LP acquired a new stake in West Fraser Timber during the fourth quarter valued at approximately $834,000. Tacita Capital Inc bought a new position in West Fraser Timber during the 4th quarter worth approximately $412,000. Metis Global Partners LLC grew its position in shares of West Fraser Timber by 9.0% in the 4th quarter. Metis Global Partners LLC now owns 22,876 shares of the company's stock worth $1,982,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of West Fraser Timber by 22.3% in the 4th quarter. Bank of New York Mellon Corp now owns 59,526 shares of the company's stock valued at $5,152,000 after acquiring an additional 10,841 shares during the last quarter. 40.23% of the stock is currently owned by hedge funds and other institutional investors.

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.