Zacks Investment Research cut shares of Rayonier (NYSE:RYN) from a buy rating to a hold rating in a research report report published on Monday, March 12th.
According to Zacks, “Shares of Rayonier have outperformed the industry it belongs to in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings being revised upward in a month’s time. Notably, the company’s fourth-quarter 2017 results benefited from strong performance of its three timber segments. Rayonier’s portfolio of timberlands reflects geographical diversity and the company is likely to benefit from the developments in biogenetics & cloning that help in fast growth of trees. The company has also upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the nation’s housing sector. However, the company faces competition from its substitutes and other market players in the timberland sector. Further, foreign exchange fluctuations remain a concern for the company. Rate hike and regulatory requirements add to its woes.”
A number of other brokerages have also commented on RYN. Citigroup began coverage on shares of Rayonier in a report on Thursday, March 1st. They issued a neutral rating and a $37.00 price objective on the stock. Royal Bank of Canada reiterated a hold rating and issued a $30.00 price objective on shares of Rayonier in a report on Friday, January 12th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Rayonier currently has a consensus rating of Hold and an average target price of $34.25.
RYN stock opened at $35.38 on Monday. The company has a current ratio of 2.68, a quick ratio of 2.33 and a debt-to-equity ratio of 0.60. The firm has a market cap of $4,556.67, a price-to-earnings ratio of 30.50, a P/E/G ratio of 10.82 and a beta of 0.35. Rayonier has a 1-year low of $26.84 and a 1-year high of $35.94.
Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.11. Rayonier had a net margin of 18.64% and a return on equity of 4.96%. The business had revenue of $186.30 million for the quarter, compared to analyst estimates of $165.73 million. During the same quarter in the previous year, the business posted $0.05 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis. research analysts forecast that Rayonier will post 0.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Friday, March 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.00 dividend on an annualized basis and a yield of 2.83%. Rayonier’s dividend payout ratio is currently 86.21%.
A number of hedge funds have recently modified their holdings of RYN. Raymond James Financial Services Advisors Inc. lifted its holdings in Rayonier by 4.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 57,964 shares of the real estate investment trust’s stock worth $1,674,000 after buying an additional 2,253 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Rayonier in the 3rd quarter worth about $266,000. Chicago Equity Partners LLC bought a new stake in shares of Rayonier in the 3rd quarter worth about $595,000. Stevens Capital Management LP bought a new stake in shares of Rayonier in the 3rd quarter worth about $1,039,000. Finally, Prudential Financial Inc. increased its position in shares of Rayonier by 54.4% in the 3rd quarter. Prudential Financial Inc. now owns 846,146 shares of the real estate investment trust’s stock worth $24,445,000 after purchasing an additional 298,040 shares during the last quarter. Hedge funds and other institutional investors own 84.22% of the company’s stock.
Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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