Truist Financial Issues Pessimistic Forecast for Rayonier (NYSE:RYN) Stock Price

Rayonier (NYSE:RYN) had its price objective reduced by research analysts at Truist Financial from $25.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price indicates a potential upside of 10.53% from the company’s previous close.

RYN has been the topic of a number of other research reports. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. BMO Capital Markets lowered their price objective on Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research report on Thursday, April 16th. Finally, Citigroup reduced their target price on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Rayonier has a consensus rating of “Hold” and a consensus target price of $24.60.

Rayonier Stock Up 1.2%

RYN stock opened at $21.71 on Wednesday. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $20.94 and its 200-day moving average is $21.53. Rayonier has a twelve month low of $19.49 and a twelve month high of $27.33. The firm has a market capitalization of $6.53 billion, a PE ratio of 7.19 and a beta of 0.88.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The business had revenue of $276.79 million during the quarter, compared to the consensus estimate of $280.92 million. During the same period in the prior year, the firm posted ($0.02) EPS. The firm’s quarterly revenue was up 233.9% compared to the same quarter last year. Sell-side analysts expect that Rayonier will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Rayonier news, CFO Wayne Wasechek sold 2,920 shares of the business’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 value of $61,816.40. Following the completion of the sale, the chief financial officer owned 115,530 shares in the company, valued at approximately $2,445,770.10. The trade was a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rayonier

Hedge funds have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. bought a new position in shares of Rayonier during the fourth quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. boosted its holdings in 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 valued at $34,000 after acquiring an additional 627 shares in the last quarter. Bayban bought a new position in Rayonier in the first quarter worth about $36,000. Hartford Financial Management Inc. lifted its holdings in Rayonier by 49.7% in the fourth quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 575 shares during the period. Finally, Whittier Trust Co. lifted its holdings in 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 period. 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.