Rayonier Inc. (RYN) Rating Lowered to Hold at Zacks Investment Research
Rayonier Inc. (NYSE:RYN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Shares of Rayonier have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimate for third quarter and current-year earnings remaining unchanged in two months’ time. The company’s portfolio of timberlands reflects geographical diversity. Moreover, it is likely to benefit from the recent developments in biogenetics & cloning that help in fast growth of trees. Also, Rayonier has upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the country’s housing sector. However, foreign exchange fluctuations, tough compliance requirements and seasonality of the forest products industry remain concerns.”
Several other research firms also recently commented on RYN. BMO Capital Markets restated a “hold” rating and set a $31.00 price objective on shares of Rayonier in a report on Friday, September 29th. BidaskClub upgraded Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $29.00 price objective on shares of Rayonier in a report on Sunday, October 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $30.25.
Rayonier (NYSE:RYN) opened at 29.94 on Tuesday. The company has a market capitalization of $3.85 billion, a PE ratio of 25.22 and a beta of 0.34. Rayonier has a 52 week low of $25.71 and a 52 week high of $30.18. The stock’s 50 day moving average is $28.92 and its 200 day moving average is $28.62.
Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.09. The firm had revenue of $194.70 million during the quarter, compared to the consensus estimate of $151.50 million. Rayonier had a return on equity of 5.03% and a net margin of 19.10%. The company’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.07 earnings per share. Analysts predict that Rayonier will post $0.43 EPS for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in Rayonier by 6.5% during the second quarter. BlackRock Inc. now owns 12,050,093 shares of the real estate investment trust’s stock worth $346,681,000 after buying an additional 732,408 shares in the last quarter. Vanguard Group Inc. grew its holdings in Rayonier by 5.5% during the second quarter. Vanguard Group Inc. now owns 10,611,621 shares of the real estate investment trust’s stock worth $305,296,000 after buying an additional 551,924 shares in the last quarter. State Street Corp grew its holdings in Rayonier by 5.7% during the second quarter. State Street Corp now owns 3,451,153 shares of the real estate investment trust’s stock worth $99,289,000 after buying an additional 186,679 shares in the last quarter. Confluence Investment Management LLC grew its holdings in Rayonier by 7.1% during the second quarter. Confluence Investment Management LLC now owns 2,844,858 shares of the real estate investment trust’s stock worth $81,847,000 after buying an additional 189,668 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Rayonier by 4.4% during the second quarter. Northern Trust Corp now owns 1,603,300 shares of the real estate investment trust’s stock worth $46,126,000 after buying an additional 67,125 shares in the last quarter. Institutional investors and hedge funds own 82.40% of the company’s stock.
Rayonier Company Profile
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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