On September 10, 2023, Manhattan West Asset Management LLC revealed an increase in its holdings of West Fraser Timber Co. Ltd. by 35.1% during the first quarter. According to the company’s most recent disclosure with the Securities & Exchange Commission, it now owns 18,441 shares of West Fraser Timber’s stock, after purchasing an additional 4,795 shares in that period. The value of Manhattan West Asset Management LLC’s holdings in the company amounted to $1,315,000 as per their latest SEC filing.
West Fraser Timber (NYSE:WFG) recently released its earnings results on Wednesday, July 26th. For the quarter, the company reported earnings per share of ($0.03), surpassing the consensus estimate of ($0.12) by $0.09. The company generated revenue of $1.61 billion during this timeframe. Additionally, West Fraser Timber exhibited a positive return on equity of 1.03% and a negative net margin of 0.74%. Analysts specializing in sell-side predictions anticipate that West Fraser Timber Co. Ltd. will report earnings per share of 1.56 for the current year.
West Fraser Timber Co Ltd., a diversified wood products company, mainly focuses on manufacturing, selling, marketing, and distributing various wood products such as lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy sources. Their product portfolio includes spruce-pine-fir and southern yellow pine lumber, treated wood products, medium density fiberboard panels and plywood panels, oriented strand board panels as well as laminated veneer lumber wood products and particleboards.
West Fraser Timber is committed to providing top-quality wood-based solutions across multiple industries including construction and housing sectors that rely heavily on timber products for their operations. With its broad range of offerings and commitment to sustainability through renewable energy sources and residuals utilization, West Fraser Timber remains an important player in the wood products market.
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Growing Attention from Hedge Funds and Institutional Investors: West Fraser Timber Co. Attracts Significant Stake Acquisitions
September 10, 2023 – West Fraser Timber Co. Ltd. (NYSE: WFG) is attracting the attention of several hedge funds and institutional investors as they modify their holdings in the company. Notably, Norges Bank recently acquired a new stake in West Fraser Timber during the fourth quarter, valued at $116,809,000. Additionally, FMR LLC saw a significant increase in its position in the company during the first quarter, with its ownership now totaling 759,234 shares worth $54,155,000.
Vontobel Holding Ltd., another institutional investor, also boosted its position in West Fraser Timber by 97.2% during the first quarter. The company now owns 1,030,934 shares valued at $73,531,000 after purchasing an additional 508,086 shares. Furthermore, Price T Rowe Associates Inc. MD increased its ownership of West Fraser Timber by 124.5% during the first quarter, bringing its total shares to 696,637 worth $49,630,000.
In June of this year (Q2), Goldentree Asset Management LP joined these institutional investors by acquiring a new stake in West Fraser Timber valued at $23,418 an important move for them considering that institutional investors and hedge funds own a significant portion of the company’s stock at approximately 46.23%.
West Fraser Timber Co. Ltd., which is listed on the New York Stock Exchange (NYSE) under the ticker symbol WFGtraded down $0.37 during trading on Friday to settle at $70.25 per share after a total of 89,821 shares were traded compared to its average volume of 104,180 shares.
The market capitalization of West Fraser Timber currently stands at around $5.87 billion with a price-to-earnings ratio (P/E ratio) of -97.57 and a beta value of 1.14. The company has experienced a 12-month low of $67.41 and a 12-month high of $91.44.
Several research reports have been published on West Fraser Timber, shedding light on its potential growth and investment opportunity. Credit Suisse Group, for instance, recently increased its price objective for the company from $106.50 to $109.00 and assigned it an “outperform” rating in their research report dated August 23rd.
TD Securities, another prominent firm, raised its price objective for West Fraser Timber from $100.00 to $110.00 while giving the company a “buy” rating according to their research report released on July 18th. Raymond James, a well-known financial services company, also raised its target price for West Fraser Timber from $120.00 to $125.00 and issued a “strong-buy” rating in their report dated July 27th.
Overall, the stock of West Fraser Timber has received positive ratings from analysts, with one analyst suggesting a hold rating, three recommending a buy rating, and one considering it as a strong buy option. According to Bloomberg.com, the average consensus by analysts rates West Fraser Timber as a “buy,” with an average target price of $113.13 per share.
It is essential for investors and potential stakeholders alike to consider these reports when evaluating their investment decisions in West Fraser Timber Co., as they provide valuable insights into the potential growth trajectory of the company’s shares in the market.
