Rayonier Inc. (RYN) Downgraded by Zacks Investment Research to “Hold”
Rayonier Inc. (NYSE:RYN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued 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 equities research analysts also recently issued reports on the stock. Royal Bank Of Canada restated a “hold” rating and issued a $29.00 price objective on shares of Rayonier in a research note on Sunday, October 8th. BMO Capital Markets restated a “hold” rating and issued a $31.00 price objective on shares of Rayonier in a research note on Friday, September 29th. Finally, BidaskClub upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Rayonier has an average rating of “Hold” and an average target price of $30.25.
Rayonier (NYSE RYN) traded down 0.13% on Tuesday, hitting $29.78. 202,110 shares of the stock were exchanged. The company has a market cap of $3.83 billion, a P/E ratio of 25.09 and a beta of 0.34. The company’s 50 day moving average price is $28.81 and its 200-day moving average price is $28.58. Rayonier has a one year low of $25.71 and a one year high of $30.18.
Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.09. The business had revenue of $194.70 million for the quarter, compared to the consensus estimate of $151.50 million. Rayonier had a net margin of 19.10% and a return on equity of 5.03%. Rayonier’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter last year, the company posted $0.07 earnings per share. Equities research analysts predict that Rayonier will post $0.43 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Rayonier by 6.5% in the second quarter. BlackRock Inc. now owns 12,050,093 shares of the real estate investment trust’s stock worth $346,681,000 after purchasing an additional 732,408 shares during the period. Vanguard Group Inc. lifted its position in Rayonier by 5.5% in 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 purchasing an additional 551,924 shares during the period. State Street Corp lifted its position in Rayonier by 5.7% in 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 purchasing an additional 186,679 shares during the period. Confluence Investment Management LLC lifted its position in Rayonier by 7.1% in 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 purchasing an additional 189,668 shares during the period. Finally, Northern Trust Corp lifted its position in Rayonier by 4.4% in 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 purchasing an additional 67,125 shares during the period. 82.40% of the stock is owned by hedge funds and other institutional investors.
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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