Canfor (TSE:CFP) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Canfor Co. (TSE:CFP) shares passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$14.96 and traded as high as C$14.98. Canfor shares last traded at C$14.98, with a volume of 203,686 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial raised Canfor from a “moderate buy” rating to a “strong-buy” rating and raised their price objective for the stock from C$17.00 to C$21.00 in a research note on Tuesday, September 15th. TD cut their price objective on Canfor from C$20.00 to C$18.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$17.50.

Canfor Trading Up 2.0%

The stock’s 50 day moving average price is C$14.96 and its 200-day moving average price is C$14.07. The company has a quick ratio of 2.14, a current ratio of 1.35 and a debt-to-equity ratio of 41.78. The stock has a market capitalization of C$1.76 billion, a PE ratio of -2.68 and a beta of 1.05.

Insider Buying and Selling at Canfor

In related news, insider Stephen Roche Mackie sold 4,052 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of C$16.00, for a total value of C$64,832.00. Following the completion of the transaction, the insider owned 5,410 shares of the company’s stock, valued at approximately C$86,560. This represents a 42.82% decrease in their position. Also, Director Cheryl Anne-Marie Yaremko purchased 10,000 shares of the business’s stock in a transaction on Thursday, October 8th. The stock was acquired at an average price of C$14.01 per share, with a total value of C$140,100.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at C$140,100. This represents a ∞ increase in their position. Corporate insiders own 53.92% of the company’s stock.

Canfor Company Profile

Canfor Corp is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor Corp produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor Corp has a 77% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns, approximately, a 54.8% interest in Canfor Pulp.