Weyerhaeuser (WY, Financial) posted better than Street-expected earnings in the second quarter, driven by its core timberlands segment. In addition, September saw the company agree to sell 555,000 acres of land in Michigan for, in our view, a reasonable price.1 Notably, at its low point in the quarter the stock yielded as much as 5.6%—a dividend that may have proved tempting to investors in an otherwise yield-starved environment.
From the First Eagle Global Value Fund's third-quarter 2019 shareholder letter.
