Scotiabank Increases West Fraser Timber (NYSE:WFG) Price Target to $120.00

West Fraser Timber (NYSE:WFG) had its price objective raised by investment analysts at Scotiabank from $100.00 to $120.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 23.29% from the stock’s current price. Scotiabank also issued estimates for West Fraser Timber’s Q3 2024 earnings at ($0.45) EPS.

Several other brokerages have also issued reports on WFG. BMO Capital Markets raised their target price on West Fraser Timber from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their price objective on West Fraser Timber from $97.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $111.60.

West Fraser Timber Stock Performance

Shares of WFG stock opened at $97.33 on Friday. The business’s 50-day moving average price is $93.14 and its 200-day moving average price is $84.52. West Fraser Timber has a 12 month low of $64.11 and a 12 month high of $102.40. The company has a current ratio of 2.33, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of -80.44 and a beta of 1.16.

West Fraser Timber (NYSE:WFG) last posted its earnings results on Wednesday, October 23rd. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.87). The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. West Fraser Timber had a return on equity of 3.83% and a net margin of 2.23%. During the same quarter in the prior year, the business earned $1.81 earnings per share. Equities research analysts forecast that West Fraser Timber will post 2.03 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale grew its stake in West Fraser Timber by 1.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 34,466 shares of the company’s stock worth $3,285,000 after purchasing an additional 532 shares during the period. International Assets Investment Management LLC bought a new position in shares of West Fraser Timber during the 3rd quarter worth approximately $12,370,000. Signaturefd LLC grew its position in shares of West Fraser Timber by 77.4% during the 3rd quarter. Signaturefd LLC now owns 880 shares of the company’s stock worth $86,000 after buying an additional 384 shares during the period. Vontobel Holding Ltd. increased its stake in shares of West Fraser Timber by 7.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 571,583 shares of the company’s stock valued at $55,683,000 after acquiring an additional 39,651 shares in the last quarter. Finally, Creative Planning lifted its position in shares of West Fraser Timber by 69.8% during the 3rd quarter. Creative Planning now owns 7,059 shares of the company’s stock valued at $687,000 after acquiring an additional 2,901 shares during the period. 40.23% of the stock is owned by institutional investors.

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.