Point72 Asset Management L.P. Cuts Holdings in West Fraser Timber Co. Ltd. (NYSE:WFG)

Point72 Asset Management L.P. trimmed its holdings in West Fraser Timber Co. Ltd. (NYSE:WFG - Free Report) by 73.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,017 shares of the company's stock after selling 8,483 shares during the period. Point72 Asset Management L.P.'s holdings in West Fraser Timber were worth $294,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans purchased a new stake in West Fraser Timber in the 2nd quarter valued at $52,645,000. FMR LLC grew its holdings in shares of West Fraser Timber by 22.5% in the third quarter. FMR LLC now owns 1,447,823 shares of the company's stock valued at $141,047,000 after purchasing an additional 266,298 shares during the period. Van ECK Associates Corp increased its position in West Fraser Timber by 4,057.8% during the third quarter. Van ECK Associates Corp now owns 193,752 shares of the company's stock worth $18,321,000 after purchasing an additional 189,092 shares during the last quarter. Galibier Capital Management Ltd. increased its position in West Fraser Timber by 152.3% during the second quarter. Galibier Capital Management Ltd. now owns 279,655 shares of the company's stock worth $21,474,000 after purchasing an additional 168,802 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its stake in West Fraser Timber by 18.4% during the second quarter. 1832 Asset Management L.P. now owns 989,374 shares of the company's stock worth $76,053,000 after purchasing an additional 153,600 shares during the period. 40.23% of the stock is owned by hedge funds and other institutional investors.

West Fraser Timber Stock Performance

Shares of West Fraser Timber stock traded down $2.68 on Friday, reaching $89.49. The company had a trading volume of 246,643 shares, compared to its average volume of 157,982. The firm's 50 day moving average price is $95.05 and its two-hundred day moving average price is $88.02. West Fraser Timber Co. Ltd. has a 52-week low of $73.91 and a 52-week high of $102.40. The firm has a market cap of $7.18 billion, a PE ratio of -69.91 and a beta of 1.19.

West Fraser Timber (NYSE:WFG - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.87). West Fraser Timber had a negative net margin of 1.53% and a positive return on equity of 0.53%. The firm had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.45 billion. During the same period in the previous year, the firm earned $1.81 EPS. As a group, sell-side analysts predict that West Fraser Timber Co. Ltd. will post 0.95 EPS for the current year.

West Fraser Timber Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Friday, December 27th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from West Fraser Timber's previous quarterly dividend of $0.24. West Fraser Timber's dividend payout ratio is currently -100.00%.

Analyst Ratings Changes

WFG has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price target on shares of West Fraser Timber from $105.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. Scotiabank raised their target price on West Fraser Timber from $100.00 to $120.00 and gave the stock a "sector outperform" rating in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, West Fraser Timber has an average rating of "Buy" and an average price target of $111.60.

About West Fraser Timber

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.