Otter Creek Advisors LLC lowered its stake in Potlatch Corporation (NASDAQ:PCH) by 42.3% during the first quarter, Holdings Channel reports. The fund owned 184,440 shares of the real estate investment trust’s stock after selling 135,403 shares during the period. Potlatch Corporation comprises approximately 1.2% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 23rd largest position. Otter Creek Advisors LLC owned about 0.45% of Potlatch Corporation worth $8,429,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Flinton Capital Management LLC raised its position in Potlatch Corporation by 28.3% in the first quarter. Flinton Capital Management LLC now owns 2,618 shares of the real estate investment trust’s stock valued at $120,000 after buying an additional 578 shares during the last quarter. Sit Investment Associates Inc. raised its position in Potlatch Corporation by 115.0% in the first quarter. Sit Investment Associates Inc. now owns 4,300 shares of the real estate investment trust’s stock valued at $197,000 after buying an additional 2,300 shares during the last quarter. Worth Venture Partners LLC acquired a new position in Potlatch Corporation during the first quarter valued at approximately $204,000. Confluence Investment Management LLC acquired a new position in Potlatch Corporation during the first quarter valued at approximately $211,000. Finally, Teza Capital Management LLC acquired a new position in Potlatch Corporation during the first quarter valued at approximately $222,000. Institutional investors and hedge funds own 83.85% of the company’s stock.
Shares of Potlatch Corporation (PCH) traded up 0.53% during mid-day trading on Friday, reaching $47.25. 443,783 shares of the company’s stock traded hands. Potlatch Corporation has a 1-year low of $31.29 and a 1-year high of $48.85. The firm has a 50-day moving average price of $45.37 and a 200-day moving average price of $43.94. The company has a market capitalization of $1.92 billion, a P/E ratio of 69.90 and a beta of 1.46.
Potlatch Corporation (NASDAQ:PCH) last posted its earnings results on Wednesday, April 26th. The real estate investment trust reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.16. Potlatch Corporation had a return on equity of 42.10% and a net margin of 4.46%. The firm had revenue of $149.70 million during the quarter, compared to analyst estimates of $137.66 million. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities research analysts forecast that Potlatch Corporation will post $2.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, June 7th will be issued a $0.375 dividend. The ex-dividend date is Monday, June 5th. This represents a $1.50 annualized dividend and a yield of 3.17%. Potlatch Corporation’s dividend payout ratio (DPR) is currently 223.88%.
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Several research analysts recently commented on the stock. Royal Bank of Canada lowered shares of Potlatch Corporation from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $45.00 to $47.00 in a report on Wednesday, April 19th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Potlatch Corporation from a “hold” rating to a “strong-buy” rating and set a $52.00 price target on the stock in a report on Tuesday, May 2nd. BMO Capital Markets restated a “market perform” rating and issued a $40.00 price target (up previously from $36.00) on shares of Potlatch Corporation in a report on Monday, February 27th. DA Davidson lowered shares of Potlatch Corporation from a “neutral” rating to an “underperform” rating and raised their price target for the company from $40.00 to $44.00 in a report on Tuesday, April 11th. Finally, Vertical Research upgraded shares of Potlatch Corporation from a “sell” rating to a “hold” rating in a report on Thursday, May 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $45.00.
About Potlatch Corporation
Potlatch Corporation is a real estate investment trust (REIT), which is primarily engaged in activities associated with timberland management, including the sale of timber, management of timberlands, and purchase and sale of timberlands. The Company is also engaged in the manufacture and sale of wood products.
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