Potlatchdeltic (NASDAQ:PCH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Potlatch Corporation is a Real Estate Investment Trust (REIT) with the acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi. Potlatch, a certified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources. The company also conducts a land sales and development business and operates wood products manufacturing facilities through its taxable REIT subsidiary. “
Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Potlatchdeltic from a “hold” rating to a “sell” rating in a research report on Saturday, September 22nd. ValuEngine downgraded shares of Potlatchdeltic from a “hold” rating to a “sell” rating in a research report on Friday, August 3rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.83.
Shares of Potlatchdeltic stock opened at $36.63 on Tuesday. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 2.79 and a beta of 1.10. Potlatchdeltic has a fifty-two week low of $35.10 and a fifty-two week high of $56.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 3.21 and a quick ratio of 2.40.
Potlatchdeltic (NASDAQ:PCH) last issued its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.14. The business had revenue of $268.20 million during the quarter, compared to the consensus estimate of $271.88 million. Potlatchdeltic had a net margin of 12.72% and a return on equity of 18.57%. The company’s revenue was up 64.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 earnings per share. On average, sell-side analysts predict that Potlatchdeltic will post 2.94 earnings per share for the current year.
Potlatchdeltic declared that its board has authorized a stock repurchase program on Thursday, August 30th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Lorrie D. Scott sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $47.06, for a total transaction of $70,590.00. Following the completion of the transaction, the vice president now owns 14,586 shares in the company, valued at approximately $686,417.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.00% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PCH. Contravisory Investment Management Inc. acquired a new stake in Potlatchdeltic in the 2nd quarter valued at about $142,000. NumerixS Investment Technologies Inc acquired a new stake in Potlatchdeltic in the 2nd quarter valued at about $171,000. Mariner LLC acquired a new stake in Potlatchdeltic in the 1st quarter valued at about $203,000. Itau Unibanco Holding S.A. acquired a new stake in Potlatchdeltic in the 2nd quarter valued at about $236,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in Potlatchdeltic in the 2nd quarter valued at about $239,000. Hedge funds and other institutional investors own 83.52% of the company’s stock.
PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and commercial real estate development business and a rural timberland sales program.
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