Rayonier (NYSE:RYN) Price Target Raised to $23.00

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

Other equities analysts also recently issued reports about the stock. Seaport Research Partners restated a “buy” rating and set a $30.00 price objective on shares of Rayonier in a research note on Thursday, October 8th. Royal Bank Of Canada raised their price objective on Rayonier from $20.00 to $22.00 and gave the company a “sector perform” rating in a report on Friday, November 6th. Truist Financial lowered their target price on Rayonier from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, October 12th. Finally, Weiss Ratings lowered Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rayonier has a consensus rating of “Hold” and a consensus target price of $24.00.

Rayonier Price Performance

NYSE RYN opened at $21.52 on Monday. The company has a quick ratio of 1.35, a current ratio of 1.77 and a debt-to-equity ratio of 0.33. Rayonier has a 12-month low of $17.71 and a 12-month high of $24.82. The company has a market capitalization of $6.35 billion, a PE ratio of 37.11 and a beta of 0.88. The firm’s 50 day moving average is $19.53 and its 200-day moving average is $20.86.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $565.57 million for the quarter, compared to analyst estimates of $406.98 million. Rayonier had a net margin of 11.49% and a return on equity of 2.69%. The firm’s revenue for the quarter was up 218.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Equities research analysts anticipate that Rayonier will post 0.41 earnings per share for the current fiscal year.

Rayonier announced that its Board of Directors has initiated a share buyback plan on Wednesday, November 4th that permits the company to buy back $300 million in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.7% of its stock through open market purchases. Share repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Rayonier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Thursday, December 17th. Rayonier’s dividend payout ratio is presently 179.31%.

Insider Transactions at Rayonier

In related news, EVP Mark Bridwell sold 5,318 shares of Rayonier 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 completion of the transaction, the executive vice president owned 131,661 shares in the company, valued at approximately $2,658,235.59. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 6,219 shares of company stock valued at $124,088. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Rayonier

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Rayonier in the second quarter valued at $617,451,000. Legal & General Group Plc acquired a new stake in shares of Rayonier during the 2nd quarter worth about $213,574,000. Atlas FRM LLC acquired a new stake in shares of Rayonier during the 2nd quarter worth about $83,843,200. Bank of New York Mellon Corp acquired a new stake in shares of Rayonier during the 2nd quarter worth about $52,572,000. Finally, Kopernik Global Investors LLC bought a new stake in shares of Rayonier during the 1st quarter worth about $45,086,000. Institutional investors and hedge funds own 89.12% of the company’s stock.

Rayonier Company Profile

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber. The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation. Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.