Rayonier (NYSE:RYN) Given New $25.00 Price Target at Citigroup

Rayonier (NYSE:RYN) had its price objective cut by Citigroup from $32.00 to $25.00 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also weighed in on RYN. StockNews.com raised Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Truist Financial decreased their target price on Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $29.67.

Rayonier Stock Performance

NYSE:RYN opened at $25.78 on Wednesday. The stock has a 50-day simple moving average of $28.69 and a two-hundred day simple moving average of $29.88. Rayonier has a 52-week low of $24.88 and a 52-week high of $35.29. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.85 and a current ratio of 1.99. The firm has a market capitalization of $3.84 billion, a PE ratio of 24.32 and a beta of 1.04.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $195.00 million during the quarter, compared to the consensus estimate of $211.21 million. Rayonier had a return on equity of 2.95% and a net margin of 15.84%. The business’s revenue was down 3.3% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. Analysts forecast that Rayonier will post 0.38 EPS for the current year.

Rayonier announced that its Board of Directors has authorized a stock repurchase program on Monday, December 2nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Rayonier Increases Dividend

The business also recently disclosed a special dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, December 12th will be given a dividend of $1.80 per share. This is an increase from Rayonier’s previous special dividend of $0.20. Rayonier’s dividend payout ratio is 107.55%.

Institutional Investors Weigh In On Rayonier

Several hedge funds and other institutional investors have recently modified their holdings of the business. Oak Thistle LLC purchased a new stake in shares of Rayonier in the fourth quarter worth approximately $467,000. Harbor Capital Advisors Inc. raised its holdings in shares of Rayonier by 36.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 3,186 shares of the real estate investment trust’s stock worth $83,000 after buying an additional 857 shares during the period. Nordea Investment Management AB raised its holdings in shares of Rayonier by 6.6% in the fourth quarter. Nordea Investment Management AB now owns 195,369 shares of the real estate investment trust’s stock worth $5,087,000 after buying an additional 12,028 shares during the period. GAMMA Investing LLC grew its stake in Rayonier by 41.8% in the fourth quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 511 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Rayonier in the third quarter worth approximately $351,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Company Profile

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.