BMO Capital Markets Initiates Coverage on Weyerhaeuser (WY)
BMO Capital Markets initiated coverage on shares of Weyerhaeuser (NYSE:WY) in a research note issued on Wednesday. The firm set an “outperform” rating and a $39.00 price target on the stock. BMO Capital Markets’ price objective would indicate a potential upside of 15.08% from the company’s current price.
WY has been the subject of a number of other recent research reports. Analysts at Argus raised their price target on shares of Weyerhaeuser from $36.00 to $39.00 in a research note on Monday, August 18th. They now have a “buy” rating on the stock. Separately, analysts at Longbow Research raised their price target on shares of Weyerhaeuser from $35.00 to $39.00 in a research note on Thursday, August 14th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Weyerhaeuser in a research note on Thursday, August 7th. They now have a $33.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.94.
Weyerhaeuser (NYSE:WY) traded down 0.29% during mid-day trading on Wednesday, hitting $33.89. The stock had a trading volume of 3,485,428 shares. Weyerhaeuser has a 1-year low of $26.97 and a 1-year high of $34.60. The stock’s 50-day moving average is $32.70 and its 200-day moving average is $30.90. The company has a market cap of $17.904 billion and a price-to-earnings ratio of 29.97. Weyerhaeuser also was the target of a large decrease in short interest in August. As of August 15th, there was short interest totalling 22,205,681 shares, a decrease of 11.9% from the July 31st total of 25,196,997 shares. Based on an average daily trading volume, of 2,753,616 shares, the short-interest ratio is currently 8.1 days. Approximately 3.9% of the company’s shares are sold short.
Weyerhaeuser (NYSE:WY) last released its earnings data on Friday, August 1st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.08. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts expect that Weyerhaeuser will post $1.34 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Stockholders of record on Friday, August 29th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Wednesday, August 27th. This is a boost from Weyerhaeuser’s previous quarterly dividend of $0.22.
In other Weyerhaeuser news, VP Rhonda D. Hunter sold 12,242 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $34.21, for a total value of $418,798.82. The transaction was disclosed in a filing with the SEC, which is available at this link.
Weyerhaeuser Company, formerly Weyerhaeuser Timber Company, is a forest products company. The Company is engaged in growing and harvesting trees, builds homes and making a range of forest products.
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