Bank of Nova Scotia Grows Position in Weyerhaeuser Company $WY

Bank of Nova Scotia increased its holdings in shares of Weyerhaeuser Company (NYSE:WY) by 15.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 269,147 shares of the real estate investment trust’s stock after purchasing an additional 35,487 shares during the period. Bank of Nova Scotia’s holdings in Weyerhaeuser were worth $6,575,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. FNY Investment Advisers LLC purchased a new stake in Weyerhaeuser during the fourth quarter valued at approximately $39,000. Addison Advisors LLC grew its holdings in Weyerhaeuser by 83.4% in the fourth quarter. Addison Advisors LLC now owns 1,665 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 757 shares during the last quarter. Bayban acquired a new position in shares of Weyerhaeuser during the fourth quarter worth $41,000. Costello Asset Management INC increased its position in shares of Weyerhaeuser by 118.9% during the fourth quarter. Costello Asset Management INC now owns 1,797 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 976 shares in the last quarter. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of Weyerhaeuser in the 4th quarter worth $43,000. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Raymond James Financial upgraded Weyerhaeuser from an “outperform” rating to a “strong-buy” rating and set a $30.00 target price on the stock in a research note on Friday, July 10th. Canadian Imperial Bank of Commerce set a $28.00 price target on Weyerhaeuser in a research note on Thursday, April 23rd. Truist Financial lowered their price target on Weyerhaeuser from $28.00 to $27.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. Royal Bank Of Canada restated an “outperform” rating and set a $30.00 price target on shares of Weyerhaeuser in a research note on Friday, July 17th. Finally, Weiss Ratings lowered shares of Weyerhaeuser from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.00.

Weyerhaeuser Stock Down 0.1%

NYSE:WY opened at $23.91 on Tuesday. Weyerhaeuser Company has a 1-year low of $21.16 and a 1-year high of $27.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.42 and a quick ratio of 0.80. The firm has a market capitalization of $17.24 billion, a P/E ratio of 44.27, a PEG ratio of 1.35 and a beta of 0.89. The company’s fifty day moving average price is $24.07 and its 200-day moving average price is $24.62.

Weyerhaeuser (NYSE:WY) last announced its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.07. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Weyerhaeuser had a return on equity of 1.45% and a net margin of 5.78%.Weyerhaeuser’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the business earned $0.11 earnings per share. As a group, equities research analysts anticipate that Weyerhaeuser Company will post 0.3 EPS for the current year.

Weyerhaeuser Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 5th. Weyerhaeuser’s payout ratio is presently 155.56%.

Weyerhaeuser Profile

Weyerhaeuser Company (NYSE: WY) is a leading integrated forest products company whose core businesses are timberland ownership and forest products manufacturing. The company owns and manages large tracts of timberland and harvests, processes and sells wood and wood-derived products used primarily in residential and industrial construction. Its manufacturing operations produce a range of building materials, including lumber, engineered wood products and wood panels, alongside fiber-based products that serve multiple commercial applications.

Founded in 1900 by Frederick Weyerhaeuser and headquartered in Seattle, Washington, the company has a long history in the North American forest products industry.