Pinnacle Associates Ltd. Buys New Position in Weyerhaeuser Company $WY

Pinnacle Associates Ltd. bought a new stake in shares of Weyerhaeuser Company (NYSE:WY) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 342,493 shares of the real estate investment trust’s stock, valued at approximately $6,524,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in Weyerhaeuser in the 2nd quarter worth approximately $468,969,000. Wellington Management Group LLP lifted its holdings in shares of Weyerhaeuser by 14.3% during the second quarter. Wellington Management Group LLP now owns 43,574,118 shares of the real estate investment trust’s stock worth $1,043,164,000 after buying an additional 5,437,685 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Weyerhaeuser by 10.6% in the second quarter. First Eagle Investment Management LLC now owns 51,179,282 shares of the real estate investment trust’s stock valued at $1,225,232,000 after acquiring an additional 4,885,818 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Weyerhaeuser in the first quarter valued at approximately $101,969,000. Finally, Kopernik Global Investors LLC bought a new stake in shares of Weyerhaeuser in the first quarter valued at approximately $46,529,000. Institutional investors and hedge funds own 82.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Truist Financial dropped their target price on shares of Weyerhaeuser from $28.00 to $24.00 and set a “hold” rating on the stock in a research report on Monday, October 12th. JPMorgan Chase & Co. reduced their price target on shares of Weyerhaeuser from $31.00 to $28.00 and set an “overweight” rating for the company in a report on Thursday, September 3rd. Bank of America upgraded shares of Weyerhaeuser from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $28.00 to $25.00 in a research report on Wednesday, October 14th. Wall Street Zen upgraded shares of Weyerhaeuser from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Finally, DA Davidson restated a “buy” rating and set a $31.00 price objective on shares of Weyerhaeuser in a report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Weyerhaeuser currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

Weyerhaeuser Price Performance

Shares of NYSE:WY opened at $19.80 on Friday. Weyerhaeuser Company has a 1-year low of $18.25 and a 1-year high of $27.75. The firm has a market capitalization of $14.27 billion, a PE ratio of 90.38, a PEG ratio of 2.33 and a beta of 0.92. The business’s 50 day moving average is $21.41 and its 200-day moving average is $23.26. The company has a current ratio of 1.82, a quick ratio of 1.15 and a debt-to-equity ratio of 0.56.

Weyerhaeuser (NYSE:WY) last released its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Weyerhaeuser had a return on equity of 1.49% and a net margin of 6.89%. Weyerhaeuser’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. Sell-side analysts predict that Weyerhaeuser Company will post 0.27 earnings per share for the current year.

Weyerhaeuser Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, September 4th. This represents a $0.84 dividend on an annualized basis and a yield of 4.2%. Weyerhaeuser’s payout ratio is currently 129.23%.

Weyerhaeuser Company Profile

Weyerhaeuser (NYSE: WY) is a real estate investment trust focused on timberlands and wood products. The company owns or controls approximately 10.4 million acres of timberlands in the United States and manages additional timberlands under long-term licenses. Its operations are concentrated in major timber-producing regions, including the Pacific Northwest, the South and the Western United States.

Weyerhaeuser’s principal products include lumber, engineered wood products, structural panels and other materials used in residential and commercial construction.