Zacks Investment Research downgraded shares of Rayonier (NYSE:RYN) from a buy rating to a hold rating in a report released on Thursday morning.
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 week’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. Moreover, 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 country’s housing sector. Such efforts position the company for long-term growth. However, the company faces competition from its substitutes and other market players in the timberland sector. Foreign exchange fluctuations add to its woes.”
A number of other brokerages have also weighed in on RYN. Royal Bank of Canada reissued a hold rating and issued a $30.00 price target on shares of Rayonier in a report on Friday, January 12th. BMO Capital Markets reissued a hold rating and issued a $31.00 price target on shares of Rayonier in a report on Thursday, November 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $32.33.
Shares of Rayonier (NYSE:RYN) opened at $34.43 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.45 and a current ratio of 2.68. The firm has a market cap of $4,428.80, a P/E ratio of 29.68, a PEG ratio of 11.40 and a beta of 0.42. Rayonier has a fifty-two week low of $26.84 and a fifty-two week high of $34.82.
Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.11. The business had revenue of $186.30 million during the quarter, compared to analyst estimates of $165.73 million. Rayonier had a net margin of 18.64% and a return on equity of 4.96%. Rayonier’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. equities research analysts forecast that Rayonier will post 0.6 EPS for the current year.
Several institutional investors have recently modified their holdings of RYN. Pictet Asset Management Ltd. increased its holdings in shares of Rayonier by 25.7% in the third quarter. Pictet Asset Management Ltd. now owns 2,205,523 shares of the real estate investment trust’s stock valued at $63,717,000 after purchasing an additional 451,033 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Rayonier in the fourth quarter valued at approximately $12,797,000. Prudential Financial Inc. increased its holdings in shares of Rayonier by 54.4% in the third quarter. Prudential Financial Inc. now owns 846,146 shares of the real estate investment trust’s stock valued at $24,445,000 after purchasing an additional 298,040 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Rayonier by 35.6% in the third quarter. Wells Fargo & Company MN now owns 1,060,137 shares of the real estate investment trust’s stock valued at $30,627,000 after purchasing an additional 278,516 shares in the last quarter. Finally, Impax Asset Management LTD increased its holdings in shares of Rayonier by 20.7% in the third quarter. Impax Asset Management LTD now owns 1,128,605 shares of the real estate investment trust’s stock valued at $32,605,000 after purchasing an additional 193,610 shares in the last quarter. 83.60% of the stock is owned by institutional investors and hedge funds.
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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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