Citigroup Lowers Rayonier (NYSE:RYN) Price Target to $22.00

Rayonier (NYSE:RYN) had its price objective lowered by equities researchers at Citigroup from $24.00 to $22.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s target price would indicate a potential upside of 10.92% from the company’s current price.

A number of other analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Truist Financial raised their price objective on shares of Rayonier from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Rayonier in a research note on Friday, March 27th. Royal Bank Of Canada set a $24.00 price objective on shares of Rayonier in a research note on Thursday, April 16th. Finally, Raymond James Financial upgraded shares of Rayonier from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $26.00 to $28.00 in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $24.75.

Rayonier Stock Down 2.5%

Shares of Rayonier stock traded down $0.51 during trading on Wednesday, hitting $19.84. The company’s stock had a trading volume of 1,953,700 shares, compared to its average volume of 2,923,289. The company has a market capitalization of $5.97 billion, a PE ratio of 6.57 and a beta of 0.90. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.23 and a current ratio of 2.53. Rayonier has a 52 week low of $19.49 and a 52 week high of $27.33. The company has a fifty day simple moving average of $20.88 and a two-hundred day simple moving average of $21.87.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $276.80 million during the quarter, compared to analyst estimates of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. Rayonier’s revenue was up 233.9% compared to the same quarter last year. During the same period last year, the business earned ($0.02) EPS. Equities research analysts predict that Rayonier will post 0.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Eric J. Cremers sold 169,200 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $21.44, for a total value of $3,627,648.00. Following the transaction, the chairman owned 709,583 shares of the company’s stock, valued at approximately $15,213,459.52. This trade represents a 19.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Wayne Wasechek sold 2,920 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the transaction, the chief financial officer directly owned 115,530 shares in the company, valued at approximately $2,445,770.10. The trade was a 2.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Rayonier

Institutional investors and hedge funds have recently made changes to their positions in the business. Hartford Financial Management Inc. purchased a new position in shares of Rayonier in the third quarter worth approximately $31,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Rayonier in the fourth quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Rayonier by 65.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 627 shares during the last quarter. Bayban purchased a new position in shares of Rayonier in the first quarter worth approximately $36,000. Finally, Whittier Trust Co. boosted its holdings in shares of Rayonier by 74.0% in the first quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 969 shares during the last quarter. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Rayonier Company Profile

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.