Zacks Investment Research lowered shares of Rayonier Inc. (NYSE:RYN) from a hold rating to a sell rating in a report issued on Tuesday.
According to Zacks, “Shares of Rayonier outperformed the Zacks categorized Building Product – Wood industry over the past one month. However, its 2017 earnings per share (EPS) estimate declined over the past 60 days. In fact, despite the company’s portfolio of timberlands enjoying geographical diversity and recent developments in biogenetics & cloning which are likely to help in fast growth of trees, Rayonier’s performance in the upcoming periods are expected to bear the brunt of stiff competition from national and local players, and foreign exchange fluctuations. Also, tough compliance requirements and seasonality of the forest products industry add to its woes.”
Several other research analysts have also commented on the stock. Raymond James Financial Inc. raised shares of Rayonier from a market perform rating to an outperform rating in a research note on Monday, January 9th. RBC Capital Markets reissued a hold rating and issued a $27.00 price objective on shares of Rayonier in a research note on Friday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Rayonier has an average rating of Hold and a consensus target price of $26.80.
Rayonier (NYSE:RYN) opened at 27.11 on Tuesday. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 19.13 and a beta of 0.38. The firm’s 50-day moving average is $27.17 and its 200-day moving average is $26.84. Rayonier has a 52 week low of $18.53 and a 52 week high of $28.47.
Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, November 2nd. The real estate investment trust reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.20. Rayonier had a net margin of 24.68% and a return on equity of 5.37%. The business earned $171.40 million during the quarter, compared to analyst estimates of $153.91 million. During the same quarter last year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, equities analysts anticipate that Rayonier will post $0.55 earnings per share for the current year.
In related news, VP Mark R. Bridwell sold 2,114 shares of Rayonier stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $26.84, for a total value of $56,739.76. Following the completion of the transaction, the vice president now owns 14,925 shares in the company, valued at $400,587. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew G. Wiltshire purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was purchased at an average price of $26.16 per share, with a total value of $104,640.00. Following the purchase, the director now directly owns 19,356 shares of the company’s stock, valued at $506,352.96. The disclosure for this purchase can be found here. 0.58% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of RYN. Prudential Financial Inc. increased its position in shares of Rayonier by 155.7% in the second quarter. Prudential Financial Inc. now owns 669,016 shares of the real estate investment trust’s stock worth $17,555,000 after buying an additional 407,360 shares in the last quarter. Vanguard Group Inc. boosted its stake in Rayonier by 3.7% in the second quarter. Vanguard Group Inc. now owns 9,041,701 shares of the real estate investment trust’s stock worth $237,254,000 after buying an additional 318,763 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Rayonier by 4.4% in the third quarter. BlackRock Fund Advisors now owns 5,663,011 shares of the real estate investment trust’s stock worth $150,296,000 after buying an additional 237,052 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Rayonier by 63.8% in the third quarter. TIAA CREF Investment Management LLC now owns 506,420 shares of the real estate investment trust’s stock worth $13,440,000 after buying an additional 197,325 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its stake in Rayonier by 9.2% in the third quarter. Confluence Investment Management LLC now owns 2,232,979 shares of the real estate investment trust’s stock worth $59,263,000 after buying an additional 188,630 shares during the last quarter. Institutional investors own 84.37% of the company’s stock.
Rayonier Inc is a timberland real estate investment trust (REIT) with assets located in 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. Its 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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