West Fraser Timber (NYSE:WFG) Price Target Raised to $99.00

West Fraser Timber (NYSE:WFG) had its price objective upped by BMO Capital Markets from $80.00 to $99.00 in a research report report published on Monday morning, PriceTargets.com reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other research analysts have also recently commented on WFG. Royal Bank of Canada upped their price objective on West Fraser Timber from $85.00 to $100.00 in a report on Tuesday, February 16th. Zacks Investment Research upgraded West Fraser Timber from a hold rating to a strong-buy rating and set a $93.00 price target for the company in a report on Wednesday, April 14th. TD Securities upgraded shares of West Fraser Timber from a buy rating and set a $95.00 price objective on the stock in a report on Friday, March 26th. Finally, Scotiabank reaffirmed an outperform rating on shares of West Fraser Timber in a research note on Wednesday, April 28th.

NYSE:WFG opened at $80.45 on Monday. West Fraser Timber has a one year low of $24.86 and a one year high of $91.53. The firm has a 50 day moving average of $77.84.

West Fraser Timber (NYSE:WFG) last announced its quarterly earnings results on Thursday, May 6th. The company reported $6.96 earnings per share for the quarter, beating the consensus estimate of $4.66 by $2.30. The firm had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the firm posted ($0.09) EPS. The company’s revenue was up 163.3% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Shareholders of record on Thursday, March 18th were paid a dividend of $0.1574 per share. This represents a $0.63 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Wednesday, March 17th.

Several hedge funds and other institutional investors have recently modified their holdings of WFG. Geode Capital Management LLC purchased a new stake in shares of West Fraser Timber in the 1st quarter valued at $11,968,000. Cidel Asset Management Inc. purchased a new stake in West Fraser Timber during the first quarter worth about $17,327,000. Ensign Peak Advisors Inc acquired a new stake in shares of West Fraser Timber during the first quarter worth about $64,000. Y Intercept Hong Kong Ltd purchased a new position in shares of West Fraser Timber in the first quarter valued at approximately $353,000. Finally, USS Investment Management Ltd acquired a new position in shares of West Fraser Timber in the first quarter valued at approximately $657,000.

About West Fraser Timber

West Fraser Timber Co Ltd., a diversified wood products company, produces and sells lumber, panels, and pulp and papers in western Canada and the southern United States. It offers spruce-pine-fir, Douglas Fir-Larch, Hem-Fir tree, and southern yellow pine lumber; treated wood products; and newsprint, wood chips, and other residuals and energy products, as well as bioproducts.

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