Citigroup Cuts Rayonier (NYSE:RYN) Price Target to $19.00

Rayonier (NYSE:RYN) had its target price trimmed by Citigroup from $23.00 to $19.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on RYN. Truist Financial decreased their price target on Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings raised Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.00.

Rayonier Price Performance

Shares of RYN stock opened at $17.97 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91. The firm’s 50-day moving average is $20.39 and its two-hundred day moving average is $20.80. Rayonier has a 12 month low of $17.71 and a 12 month high of $26.75. The company has a market capitalization of $5.35 billion, a PE ratio of 39.93 and a beta of 0.89.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. During the same period in the previous year, the business posted $0.06 EPS. Rayonier’s revenue was up 272.3% on a year-over-year basis. Analysts predict that Rayonier will post 0.44 earnings per share for the current year.

Rayonier Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Wednesday, September 16th. Rayonier’s payout ratio is currently 231.11%.

Insider Transactions at Rayonier

In related news, EVP Mark Bridwell sold 5,318 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $20.19, for a total transaction of $107,370.42. Following the transaction, the executive vice president owned 131,661 shares of the company’s stock, valued at approximately $2,658,235.59. This represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders sold 6,219 shares of company stock worth $124,088. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rayonier

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its stake in Rayonier by 141.8% in the first quarter. Bank of America Corp DE now owns 1,620,769 shares of the real estate investment trust’s stock worth $33,420,000 after acquiring an additional 950,473 shares during the last quarter. Corient Private Wealth LP grew its holdings in Rayonier by 731.4% during the 2nd quarter. Corient Private Wealth LP now owns 94,839 shares of the real estate investment trust’s stock worth $2,018,000 after acquiring an additional 83,432 shares in the last quarter. Fieldview Capital Management LLC purchased a new stake in shares of Rayonier in the 4th quarter valued at approximately $1,936,000. World Investment Advisors purchased a new stake in shares of Rayonier in the 1st quarter valued at approximately $6,980,000. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Rayonier by 42.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust’s stock valued at $101,563,000 after purchasing an additional 1,463,118 shares in the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

Rayonier Company Profile

Rayonier Inc (NYSE:RYN) is a real estate investment trust that owns, leases and manages timberlands. The company generates revenue primarily from the sale of timber and logs, as well as from real estate transactions and leases involving its land holdings.

Rayonier’s timber operations span the U.S. South, the Pacific Northwest and New Zealand. Its products include timber used in construction, packaging, paper and other wood-related applications. The company also pursues opportunities involving rural land, conservation, renewable energy and other alternative uses of its properties.

Founded in 1926, Rayonier has evolved from a forest-products company into a publicly traded timberland owner and manager.