Notable Stock to Watch: CatchMark Timber Trust (NYSE:CTT)

CatchMark Timber Trust (NYSE:CTT) spotted trading -21.34% off 52-week high price. On the other end, the stock has been noted 52.16% away from the low price over the last 52-weeks. The stock changed 0.49% to recent value of $10.21. The stock transacted 193587 shares during most recent day however it has an average volume of 201.4K shares. The company has 48.59M of outstanding shares and 47.07M shares were floated in the market.

On Aug. 1, 2019, CatchMark Timber Trust (NYSE:CTT)  reported solid quarter-over-quarter and year-over-year increases in total revenues spurred by higher-than-market-average pricing for timber sales from its prime timberlands, asset management fees from the Triple T joint venture and increased timberland sales. In addition, delivered wood sales and fiber supply agreements continued to generate steady revenue despite lower timber sales volumes due to wet weather conditions and mill outages which had been anticipated in the company’s 2019 harvest plan.

CatchMark also declared a quarterly cash dividend of $0.135 per share for its common stockholders of record on August 30, 2019, payable on September 13, 2019.

Results Overview

Second quarter 2019 CatchMark operating results included:

  • Increased revenues by 9% to $28.7 million, compared to $26.2 million in second quarter 2018, primarily a result of Triple T joint venture asset management fees and higher timberland sales.
  • Incurred a net loss of $30.6 million on a GAAP basis, compared to $1.5 million in the second quarter 2018,primarily due to a $28.6 million allocated loss from Triple T.
  • Increased Adjusted EBITDA by 8% to $15.1 million, compared to $14.0 million in the second quarter 2018.
  • Generated gross timber sales revenue of $16.3 million, compared to $17.7 million in second quarter 2018, an 8% decrease resulting primarily from a 12% reduction in timber sales volumes, which was mitigated by a 4% increase in average per-ton gross timber sales revenue due to realizing higher timber pricing.
  • Sold approximately 4,000 acres of timberlands for $8.2 million, compared to 3,100 acres for $6.8 million during second quarter 2018.
  • Completed a $5.5 million timberland disposition to recycle capital, which paid down $5.3 million in debt after quarter end.
  • Earned $2.8 million in asset management fees, primarily from Triple T.
  • Paid a dividend of $0.135 per share to stockholders on June 14, 2019.

Its earnings per share (EPS) expected to touch remained -648.90% for this year. CTT has a gross margin of 49.80% .

The price moved ahead of 0.37% from the mean of 20 days, 1.34% from mean of 50 days SMA and performed 9.00% from mean of 200 days price. Company’s performance for the week was 3.24%, -3.77% for month and YTD performance remained 43.80%.

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