Rayonier (NYSE:RYN) Price Target Lowered to $24.00 at Truist Financial

Rayonier (NYSE:RYN) had its price objective trimmed by Truist Financial from $25.00 to $24.00 in a research note released on Wednesday, Marketbeat reports. The firm currently has a hold rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently commented on the company. Weiss Ratings downgraded Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Royal Bank Of Canada set a $24.00 target price on Rayonier in a report on Thursday, April 16th. BMO Capital Markets decreased their target price on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research report on Tuesday, May 19th. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Finally, Citigroup cut their price target on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rayonier has an average rating of “Hold” and a consensus price target of $24.60.

Rayonier Stock Performance

Shares of Rayonier stock opened at $21.82 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. The firm has a 50 day simple moving average of $20.95 and a 200 day simple moving average of $21.53. Rayonier has a fifty-two week low of $19.49 and a fifty-two week high of $27.33. The firm has a market cap of $6.56 billion, a P/E ratio of 7.23 and a beta of 0.88.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The firm had revenue of $276.79 million during the quarter, compared to analysts’ expectations of $280.92 million. During the same period in the previous year, the business posted ($0.02) EPS. The company’s quarterly revenue was up 233.9% compared to the same quarter last year. Sell-side analysts predict that Rayonier will post 0.36 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a yield of 4.8%. Rayonier’s dividend payout ratio is presently 34.44%.

Insider Buying and Selling at Rayonier

In other Rayonier news, CFO Wayne Wasechek sold 2,920 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the transaction, the chief financial officer owned 115,530 shares of the company’s stock, valued at $2,445,770.10. This represents a 2.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rayonier

Institutional investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new position in Rayonier during the fourth quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Rayonier by 65.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 627 shares during the last quarter. Hartford Financial Management Inc. lifted its position in shares of Rayonier by 49.7% in the fourth quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 575 shares during the last quarter. Bayban bought a new position in shares of Rayonier during the 1st quarter worth approximately $36,000. Finally, Whittier Trust Co. boosted its stake in shares of Rayonier by 74.0% during the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 969 shares during the period. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Rayonier Company Profile

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.