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

West Fraser Timber (NYSE:WFG) had its price objective decreased by equities researchers at Scotiabank from $120.00 to $109.00 in a report issued on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 29.39% from the stock’s previous close.

A number of other analysts have also commented on the stock. BMO Capital Markets boosted their price target 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 decreased their price target on shares of West Fraser Timber from $120.00 to $115.00 in a research note on Thursday. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $111.40.

West Fraser Timber Trading Down 2.9 %

Shares of WFG stock opened at $84.24 on Monday. The firm has a market capitalization of $6.55 billion, a PE ratio of -65.39 and a beta of 1.22. The firm has a fifty day simple moving average of $89.95 and a two-hundred day simple moving average of $90.62. West Fraser Timber has a 12 month low of $73.91 and a 12 month high of $102.40.

Institutional Investors Weigh In On West Fraser Timber

Several institutional investors have recently added to or reduced their stakes in the business. Alberta Investment Management Corp lifted its holdings in West Fraser Timber by 58.7% during the fourth quarter. Alberta Investment Management Corp now owns 293,903 shares of the company’s stock valued at $25,452,000 after purchasing an additional 108,670 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of West Fraser Timber in the fourth quarter worth about $39,000. Atria Wealth Solutions Inc. lifted its holdings in shares of West Fraser Timber by 4.3% in the fourth quarter. Atria Wealth Solutions Inc. now owns 2,879 shares of the company’s stock worth $250,000 after buying an additional 120 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of West Fraser Timber by 1.9% in the fourth quarter. Principal Financial Group Inc. now owns 12,202 shares of the company’s stock worth $1,057,000 after purchasing an additional 228 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of West Fraser Timber by 6.3% in the fourth quarter. Vontobel Holding Ltd. now owns 607,438 shares of the company’s stock worth $52,565,000 after purchasing an additional 35,855 shares during the last quarter. 40.23% of the stock is 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.