Rayonier Inc. REIT Stock Rating Lowered by Deutsche Bank (RYN)
Rayonier Inc. REIT (NYSE:RYN) was downgraded by analysts at Deutsche Bank from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. They currently have a $47.00 price objective on the stock, down from their previous price objective of $55.00. Deutsche Bank’s price objective would indicate a potential upside of 0.04% from the company’s current price.
The analysts wrote, “While recent commentary around RYN’s timberland and real estate operations has been quite encouraging, outlook for its Cellulose Specialties business (accounts for 72% of segment EBIT) suggests significant downside risks ahead. RYN said recent contract negotiations suggest a drop in 2014 cellulose specialties (CS) prices and slower transition to CS. Beyond lower cashflows, a sharp price drop could dampen bullish “specialty chemicals” valuations that have been floated for the segment. Pick-up in timber & real estate markets may mitigate some downside pressure on stock, but they won’t eliminate it. Downgrading RYN from Hold to Sell. PT goes from $55 to $47.”
Shares of Rayonier Inc. REIT (NYSE:RYN) traded down 14.52% on Friday, hitting $46.98. 7,072,143 shares of the company’s stock traded hands. Rayonier Inc. REIT has a one year low of $47.45 and a one year high of $60.62. The stock’s 50-day moving average is $56.65 and its 200-day moving average is $57.01. The company has a market cap of $5.921 billion and a P/E ratio of 18.25.
Rayonier Inc. REIT (NYSE:RYN) last announced its earnings results on Thursday, October 24th. The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.96 by $0.52. The company had revenue of $384.80 million for the quarter, compared to the consensus estimate of $915.14 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, analysts predict that Rayonier Inc. REIT will post $2.26 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend is Friday, December 13th.
Separately, analysts at RBC Capital cut their price target on shares of Rayonier Inc. REIT from $58.00 to $52.00 in a research note to investors on Wednesday, October 9th. They now have a “sector perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.60.
Rayonier Inc (NYSE:RYN) is a real estate investment trust (REIT).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.