Wellington Management Group LLP Sells 92,998 Shares of Potlatch Corporation $PCH

Key Points

• Wellington Management Group LLP reduced its holdings in Potlatch Corporation by 8.8%, resulting in ownership of 968,499 shares valued at $43.7 million as of their latest filing.
• Analysts have mixed opinions on Potlatch, with Truist Financial upgrading it to a "buy" rating and raising its price target to $52.00, while Wall Street Zen downgraded the stock from "hold" to "sell."
• Potlatch Corporation reported $0.09 earnings per share, exceeding analysts’ expectations, but showed a year-over-year revenue decline of 14.2%.

Wellington Management Group LLP reduced its holdings in Potlatch Corporation (NASDAQ:PCH - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 968,499 shares of the real estate investment trust's stock after selling 92,998 shares during the quarter. Wellington Management Group LLP owned about 1.23% of Potlatch worth $43,699,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. UMB Bank n.a. raised its position in shares of Potlatch by 41.6% during the first quarter. UMB Bank n.a. now owns 864 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 254 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Potlatch by 168.1% during the first quarter. Harbor Capital Advisors Inc. now owns 665 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 417 shares during the last quarter. Quarry LP raised its position in shares of Potlatch by 224.2% during the fourth quarter. Quarry LP now owns 697 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 482 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Potlatch during the first quarter valued at about $30,000. Finally, Fifth Third Bancorp raised its position in shares of Potlatch by 67.1% during the first quarter. Fifth Third Bancorp now owns 1,893 shares of the real estate investment trust's stock valued at $85,000 after buying an additional 760 shares during the last quarter. Institutional investors and hedge funds own 86.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PCH shares. Truist Financial raised shares of Potlatch from a "hold" rating to a "buy" rating and upped their price objective for the company from $44.00 to $52.00 in a research report on Wednesday, July 16th. Citigroup reiterated a "buy" rating and set a $47.00 target price (down from $49.00) on shares of Potlatch in a research report on Tuesday, June 3rd. Finally, Wall Street Zen lowered shares of Potlatch from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $50.00.

Potlatch Price Performance

Shares of Potlatch stock traded down $0.12 during mid-day trading on Thursday, reaching $41.77. 135,105 shares of the stock were exchanged, compared to its average volume of 523,200. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 78.87 and a beta of 1.12. The company has a current ratio of 1.13, a quick ratio of 0.75 and a debt-to-equity ratio of 0.47. The firm has a 50-day simple moving average of $41.20 and a 200 day simple moving average of $41.43. Potlatch Corporation has a fifty-two week low of $36.82 and a fifty-two week high of $48.12.

Potlatch (NASDAQ:PCH - Get Free Report) last announced its earnings results on Monday, July 28th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. The business had revenue of $274.99 million during the quarter, compared to analysts' expectations of $267.66 million. Potlatch had a net margin of 3.94% and a return on equity of 2.10%. The firm's revenue for the quarter was down 14.2% on a year-over-year basis. During the same quarter last year, the company posted $0.17 EPS. On average, sell-side analysts predict that Potlatch Corporation will post 0.8 EPS for the current fiscal year.

Potlatch Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, September 15th. This represents a $1.80 annualized dividend and a yield of 4.3%. Potlatch's dividend payout ratio is 339.62%.

About Potlatch

PotlatchDeltic Corporation Nasdaq: PCH is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program.