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Fly News Breaks for January 6, 2020
Jan 6, 2020 | 17:02 EDT
Baird analyst David Rodgers downgraded CatchMark Timber Trust to Neutral from Outperform with a $12 price target.
News For CTT From the Last 2 Days
Oct 15, 2021 | 13:27 EDT
B. Riley analyst Craig Kucera downgraded CatchMark Timber Trust to Neutral from Buy with a $10 price target.
Oct 15, 2021 | 12:37 EDT
Citi analyst Anthony Pettinari downgraded CatchMark Timber to Neutral from Buy with a price target of $10, down from $13.50, following this morning's "disappointing" announcement that the company will redeem its equity interest in Triple T for $35M after fees. While the remaining CatchMark will have a streamlined portfolio and cleaner balance sheet and his 2021 estimates are largely unchanged, Pettinari said the net proceeds were below his expectations and noted that the company has also cut its quarterly dividend by about 44%.
Oct 15, 2021 | 12:20 EDT
Stifel analyst Simon Yarmak lowered the firm's price target on CatchMark Timber Trust to $11 from $12.75 after the company announced an agreement with its partners for the redemption of its equity interest in the Triple T joint venture for $35M in cash and said it will take a $170M loss on the sale. However, he keeps a Buy rating on the shares, noting that CatchMark's portfolio is now fully concentrated in the Southeast and wholly-owned and exiting the JV "further simplifies the story." Yarmak wonders if the company is "in play" and if it could be up for sale as the story "becomes much more focused and simplified," he added.
Oct 15, 2021 | 12:00 EDT
CatchMark Timber is down -17.8%, or -$2.16 to $10.01.
Oct 15, 2021 | 08:57 EDT
Conference call to discuss definitive agreement with its joint venture partners in TexMark Timber Treasury on the redemption of its common equity interest in Triple T for $35M in cash will be held on October 15 at 10 am. Webcast Link