Rayonier Inc. (RYN) Rating Increased to Buy at Zacks Investment Research
Rayonier Inc. (NYSE:RYN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $31.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.51% from the company’s previous close.
According to Zacks, “Shares of Rayonier have outperformed its industry over the last three months. Encouragingly, in the past seven days, earnings estimates for 2017 have also moved up. Early in August, the company reported better-than-expected pro forma net income per share for second-quarter 2017 and raised its 2017 guidance. In addition, pro forma revenue for the quarter surpassed the Zacks Consensus Estimate. 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. 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.”
A number of other analysts have also commented on RYN. Vertical Research raised Rayonier to a “buy” rating in a research note on Sunday, May 28th. BidaskClub lowered Rayonier from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Royal Bank Of Canada reissued a “hold” rating and set a $28.00 price target on shares of Rayonier in a research note on Monday, July 31st. Finally, BMO Capital Markets lowered Rayonier from an “outperform” rating to a “market perform” rating and set a $31.00 price target on the stock. in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $29.80.
Shares of Rayonier (NYSE RYN) traded up 0.65% on Monday, hitting $27.98. 74,964 shares of the company’s stock traded hands. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 23.57 and a beta of 0.35. Rayonier has a 1-year low of $25.24 and a 1-year high of $29.86. The firm’s 50-day moving average price is $28.79 and its 200 day moving average price is $28.53.
Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. The business had revenue of $194.70 million for the quarter, compared to analyst estimates of $151.50 million. Rayonier had a return on equity of 5.03% and a net margin of 19.10%. Rayonier’s revenue was up 47.4% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, equities research analysts expect that Rayonier will post $0.43 earnings per share for the current year.
Several institutional investors have recently modified their holdings of RYN. BlackRock Inc. increased its position in shares of Rayonier by 13,910.0% in the first quarter. BlackRock Inc. now owns 11,317,685 shares of the real estate investment trust’s stock worth $320,744,000 after buying an additional 11,236,902 shares during the period. Capital One National Association bought a new position in shares of Rayonier during the first quarter worth about $369,000. Sei Investments Co. increased its position in shares of Rayonier by 418.0% in the first quarter. Sei Investments Co. now owns 24,181 shares of the real estate investment trust’s stock worth $685,000 after buying an additional 19,513 shares during the period. Koch Industries Inc. bought a new position in shares of Rayonier during the first quarter worth about $226,000. Finally, Highbridge Capital Management LLC bought a new position in shares of Rayonier during the first quarter worth about $4,534,000. Institutional investors own 82.12% of the company’s stock.
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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