Massachusetts Financial Services Co. MA bought a new stake in Potlatchdeltic Corp (NASDAQ:PCH) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 30,760 shares of the real estate investment trust’s stock, valued at approximately $1,260,000.
Several other large investors have also made changes to their positions in the company. Bridgewater Associates LP bought a new position in Potlatchdeltic in the second quarter valued at about $438,000. NumerixS Investment Technologies Inc bought a new position in Potlatchdeltic in the second quarter valued at about $171,000. Oregon Public Employees Retirement Fund boosted its holdings in Potlatchdeltic by 52.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 23,336 shares of the real estate investment trust’s stock valued at $1,187,000 after acquiring an additional 8,052 shares during the last quarter. BlackRock Inc. boosted its holdings in Potlatchdeltic by 4.7% in the second quarter. BlackRock Inc. now owns 7,871,103 shares of the real estate investment trust’s stock valued at $400,243,000 after acquiring an additional 354,166 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in Potlatchdeltic by 8.4% in the second quarter. First Trust Advisors LP now owns 29,983 shares of the real estate investment trust’s stock valued at $1,525,000 after acquiring an additional 2,322 shares during the last quarter. Institutional investors own 83.80% of the company’s stock.
A number of equities analysts have issued reports on the company. BidaskClub upgraded Potlatchdeltic from a “strong sell” rating to a “sell” rating in a report on Friday, August 17th. ValuEngine cut Potlatchdeltic from a “hold” rating to a “sell” rating in a report on Tuesday, August 28th. DA Davidson upgraded Potlatchdeltic from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $52.00 to $50.00 in a report on Tuesday, October 30th. They noted that the move was a valuation call. Zacks Investment Research cut Potlatchdeltic from a “hold” rating to a “sell” rating in a report on Wednesday, October 31st. Finally, BMO Capital Markets reduced their target price on Potlatchdeltic from $49.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $51.00.
Shares of PCH opened at $36.16 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.63 and a debt-to-equity ratio of 0.66. Potlatchdeltic Corp has a 1 year low of $33.09 and a 1 year high of $55.75. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 2.98 and a beta of 1.16.
Potlatchdeltic (NASDAQ:PCH) last issued its earnings results on Monday, October 29th. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.01). Potlatchdeltic had a return on equity of 15.77% and a net margin of 14.23%. The company had revenue of $289.20 million for the quarter, compared to the consensus estimate of $288.27 million. During the same quarter last year, the business posted $0.82 EPS. Potlatchdeltic’s quarterly revenue was up 51.9% on a year-over-year basis. As a group, equities analysts predict that Potlatchdeltic Corp will post 2.45 earnings per share for the current year.
The firm also recently declared a special dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, September 27th will be given a dividend of $3.54 per share. This represents a dividend yield of 3.31%. The ex-dividend date of this dividend is Thursday, September 13th. Potlatchdeltic’s dividend payout ratio is currently 67.80%.
Potlatchdeltic announced that its board has approved a share buyback program on Thursday, August 30th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Potlatchdeltic Company Profile
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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