Plum Creek Timber Co. announced recently its board of directors approved a plan to buy back an additional $200 million of its shares.
Earlier this month, Plum Creek repurchased $149 million, or 3.6 million shares, of its common stock. The shares -- which were repurchased at an average price of $41.76 each -- completed a previous $200 million stock buyback program.
The company also recently reported third-quarter earnings rose to $69 million, or 40 cents per diluted share, from $59 million, or 34 cents per share a year earlier.

Timber REIT

From a recent Mad Money show:

"I have always liked them. I think they have a nice dividend. I'm not against them, I'm with them."

owns lots of valuable timber land

Plum Creek Timber (PCL) was upgraded from Hold to Buy at Merrill Lynch. $50 price target. Private timberland valuations are soaring and this should drive multiple expansion as PCL is trading at 1,260/acre on an EV/acre basis.

dividend

Family owns logging company

never goes out of style

GOOD LUMBER COMPANY. REIT. BIGGEST LUMBER OWNER IN USA. TREES GET BIGGER EACH YEAR. DOESN'T OWN MUCH IN CALIFORNIA. STOCK UNDERVALUED IF JUST PRICING ACREAGE IT OWNS.

Hold - Price 41.16 on Oct. 22
by Deutsche Bank
We're boosting our target price from 35 to 40 [on this timber real-estate investment trust], based on our increasing confidence that asset values are holding up well....Combined[share-]repurchase activity with 4.1% dividend yield, and return would look substantial even without a stock-price move.

pinoff from bni...