Pacific Heights Asset Management LLC decreased its position in Weyerhaeuser Co. (NYSE:WY) by 11.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 400,000 shares of the real estate investment trust’s stock after selling 50,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Weyerhaeuser were worth $11,908,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Bank of Montreal Can acquired a new position in shares of Weyerhaeuser during the second quarter valued at $35,119,000. Renaissance Technologies LLC acquired a new position in shares of Weyerhaeuser during the first quarter valued at $44,534,000. British Airways Pensions Investment Management Ltd acquired a new position in shares of Weyerhaeuser during the second quarter valued at $15,305,000. Prudential PLC acquired a new position in shares of Weyerhaeuser during the first quarter valued at $8,650,000. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Weyerhaeuser by 5.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,166,500 shares of the real estate investment trust’s stock valued at $36,138,000 after buying an additional 65,211 shares in the last quarter. 75.73% of the stock is owned by institutional investors and hedge funds.
Shares of Weyerhaeuser Co. (NYSE:WY) traded down 0.44% during midday trading on Monday, reaching $31.80. The company’s stock had a trading volume of 2,997,532 shares. The stock has a market cap of $23.81 billion, a PE ratio of 40.98 and a beta of 1.39. The firm has a 50-day moving average of $31.32 and a 200-day moving average of $31.11. Weyerhaeuser Co. has a one year low of $22.06 and a one year high of $33.17.
Weyerhaeuser (NYSE:WY) last issued its earnings results on Friday, August 5th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.01. Weyerhaeuser had a return on equity of 8.35% and a net margin of 7.24%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $7.54 billion. During the same period in the previous year, the company earned $0.26 earnings per share. Weyerhaeuser’s revenue for the quarter was up 23.0% compared to the same quarter last year. On average, analysts forecast that Weyerhaeuser Co. will post $1.03 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 9th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend was Wednesday, September 7th. Weyerhaeuser’s payout ratio is 158.98%.
WY has been the subject of several research reports. Citigroup Inc. raised their price target on shares of Weyerhaeuser from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, August 8th. Goldman Sachs Group Inc. initiated coverage on shares of Weyerhaeuser in a research note on Thursday, September 22nd. They set a “buy” rating and a $37.00 price target for the company. Argus reaffirmed a “buy” rating and set a $35.00 price target on shares of Weyerhaeuser in a research note on Tuesday, September 20th. DA Davidson raised shares of Weyerhaeuser from a “neutral” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Wednesday, June 29th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Weyerhaeuser from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, July 19th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Weyerhaeuser has an average rating of “Buy” and an average price target of $35.38.
In related news, VP Jeanne M. Hillman sold 4,492 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $145,990.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rick R. Holley sold 608,000 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $32.55, for a total value of $19,790,400.00. Following the sale, the director now owns 696,488 shares of the company’s stock, valued at approximately $22,670,684.40. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Weyerhaeuser Company is a real estate investment trust (REIT). The Company is an owner of timberlands. It is principally engaged in growing and harvesting timber, as well as manufacturing, distributing and selling products made from trees. Its segments include Timberlands, Wood Products and Cellulose Fibers.
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