Fox Run Management L.L.C. has significantly reduced its investment in Weyerhaeuser Company (NYSE: WY) by 38.0% during the second quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, the firm now holds 27,399 shares after selling 16,766 shares in the quarter. This reduction values Fox Run’s remaining holdings at approximately $704,000.
Other institutional investors have also adjusted their positions in Weyerhaeuser. For instance, Envestnet Asset Management Inc. increased its stake by 3.5% in the first quarter, bringing its total to 520,443 shares, valued at $15.24 million. Similarly, Allworth Financial LP raised its holdings by 8.7%, now owning 7,559 shares worth $221,000. The New York State Common Retirement Fund also increased its position by 14.9%, acquiring 639,474 shares valued at $18.72 million.
Several hedge funds have made new investments in Weyerhaeuser, including MQS Management LLC, which purchased a position worth about $323,000. Bleakley Financial Group LLC made a substantial move, boosting its holdings by 416.6% to own 40,029 shares valued at $1.17 million. Currently, institutional investors and hedge funds own approximately 82.99% of Weyerhaeuser’s stock.
Analysts Weigh In on Weyerhaeuser’s Stock
Wall Street analysts have provided mixed evaluations of Weyerhaeuser’s stock performance. Royal Bank of Canada adjusted its price target from $31.00 to $30.00, maintaining an “outperform” rating. CIBC also reduced its target from $32.00 to $31.00, while DA Davidson lowered its price objective from $35.00 to $31.00, sticking with a “buy” rating.
Truist Financial took a more cautious stance, reducing its price target from $29.00 to $27.00 and issuing a “hold” rating. Citigroup similarly decreased its target from $30.00 to $28.00 while maintaining a “buy” rating. Overall, Weyerhaeuser has received one “Strong Buy” rating, seven “Buy” ratings, one “Hold” rating, and two “Sell” ratings, leading to a consensus rating of “Moderate Buy” with an average price target of $31.00 according to MarketBeat.
Weyerhaeuser’s Recent Financial Performance
On October 30, 2023, Weyerhaeuser reported its earnings results, revealing earnings per share (EPS) of $0.06 for the quarter, surpassing analysts’ expectations of a loss of ($0.07) by $0.13. The firm generated revenue of $1.72 billion, slightly above the expected $1.71 billion. The company’s net margin stood at 3.97% while return on equity was reported at 2.95%. Year-over-year, revenue increased by 12.1%, compared to $0.05 EPS from the same quarter in the previous year. Analysts predict that Weyerhaeuser will post an EPS of $0.78 for the current fiscal year.
Weyerhaeuser Company, founded in 1900, is one of the world’s largest private timberland owners, managing approximately 11 million acres in the U.S. and additional lands in Canada under long-term licenses. The company’s operations adhere to sustainable forestry practices, aligning with internationally recognized standards.
