Convergence Investment Partners LLC acquired a new position in shares of Potlatchdeltic Corp (NASDAQ:PCH) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 19,445 shares of the real estate investment trust’s stock, valued at approximately $739,000.
Several other hedge funds and other institutional investors have also modified their holdings of PCH. Norges Bank acquired a new position in shares of Potlatchdeltic during the fourth quarter worth approximately $63,508,000. Legal & General Group Plc raised its holdings in Potlatchdeltic by 182.0% during the first quarter. Legal & General Group Plc now owns 681,930 shares of the real estate investment trust’s stock worth $21,406,000 after purchasing an additional 440,088 shares in the last quarter. Hunter Perkins Capital Management LLC bought a new stake in Potlatchdeltic during the second quarter worth approximately $10,479,000. Bank of New York Mellon Corp raised its holdings in Potlatchdeltic by 18.2% during the first quarter. Bank of New York Mellon Corp now owns 1,570,624 shares of the real estate investment trust’s stock worth $49,302,000 after purchasing an additional 241,315 shares in the last quarter. Finally, Advisory Research Inc. raised its holdings in Potlatchdeltic by 29.6% during the first quarter. Advisory Research Inc. now owns 901,595 shares of the real estate investment trust’s stock worth $28,301,000 after purchasing an additional 205,919 shares in the last quarter. Institutional investors and hedge funds own 83.98% of the company’s stock.
NASDAQ PCH traded up $0.20 on Friday, hitting $42.81. 435,388 shares of the stock were exchanged, compared to its average volume of 505,901. Potlatchdeltic Corp has a 52-week low of $22.40 and a 52-week high of $45.42. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.40 and a quick ratio of 1.04. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 164.66 and a beta of 1.33. The company’s 50-day moving average price is $38.94 and its two-hundred day moving average price is $36.65.
Potlatchdeltic (NASDAQ:PCH) last posted its quarterly earnings data on Monday, July 27th. The real estate investment trust reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.05. Potlatchdeltic had a net margin of 2.17% and a return on equity of 4.19%. The firm had revenue of $181.56 million for the quarter, compared to analysts’ expectations of $173.89 million. During the same period in the previous year, the company posted $0.25 EPS. The company’s quarterly revenue was down 15.8% compared to the same quarter last year. Equities analysts predict that Potlatchdeltic Corp will post 1.43 EPS for the current fiscal year.
In other news, Director Larry Peiros acquired 6,500 shares of the stock in a transaction on Monday, May 4th. The shares were purchased at an average cost of $33.00 per share, for a total transaction of $214,500.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.00% of the company’s stock.
PCH has been the topic of several recent analyst reports. DA Davidson dropped their target price on Potlatchdeltic from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. BidaskClub raised Potlatchdeltic from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised Potlatchdeltic from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Tuesday, June 2nd. Raymond James upped their price target on Potlatchdeltic from $38.00 to $48.00 and gave the company an “outperform” rating in a report on Friday. Finally, Royal Bank of Canada raised Potlatchdeltic from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $40.00 to $45.00 in a report on Friday, July 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Potlatchdeltic currently has a consensus rating of “Buy” and an average price target of $44.60.
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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