Citigroup Cuts Rayonier (NYSE:RYN) Price Target to $19.00

Key Points

• Citigroup lowered Rayonier’s price target from $23 to $19 while maintaining a “neutral” rating, implying roughly 5.15% upside from the prior close.
• Rayonier shares edged up 0.1% to $18.07, near their 12-month low of $17.85. The analyst consensus remains “Hold,” with an average price target of $24.
• The company reported quarterly EPS of $0.10, in line with estimates, while revenue reached $396.5 million—up 272.3% year over year and above forecasts.

Rayonier (NYSE:RYN - Get Free Report) had its target price decreased by equities researchers at Citigroup from $23.00 to $19.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price suggests a potential upside of 5.15% from the company's previous close.

Several other brokerages also recently weighed in on RYN. Truist Financial lowered their target price on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research note on Wednesday, July 15th. Weiss Ratings raised Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $24.00.

Rayonier Stock Up 0.1%

Shares of NYSE RYN traded up $0.01 during trading on Monday, reaching $18.07. 2,124,719 shares of the stock were exchanged, compared to its average volume of 2,964,808. The business's 50-day moving average price is $20.63 and its 200 day moving average price is $20.85. Rayonier has a twelve month low of $17.85 and a twelve month high of $27.02. The company has a quick ratio of 2.91, a current ratio of 3.56 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 40.19 and a beta of 0.89.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, meeting analysts' consensus estimates of $0.10. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The business had revenue of $396.51 million during the quarter, compared to analyst estimates of $374.28 million. During the same period last year, the business earned $0.06 EPS. The business's revenue was up 272.3% on a year-over-year basis. As a group, equities analysts forecast that Rayonier will post 0.44 EPS for the current fiscal year.

Insider Activity

In other news, EVP Mark Bridwell sold 5,318 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $20.19, for a total transaction of $107,370.42. Following the transaction, the executive vice president owned 131,661 shares of the company's stock, valued at approximately $2,658,235.59. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Rayonier during the 2nd quarter valued at approximately $617,451,000. Cohen & Steers Inc. increased its stake in Rayonier by 5.6% during the fourth quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust's stock valued at $293,332,000 after purchasing an additional 717,021 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Rayonier during the second quarter worth $213,574,000. Pictet Asset Management Holding SA raised its holdings in shares of Rayonier by 42.3% during the first quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust's stock worth $101,563,000 after purchasing an additional 1,463,118 shares during the period. Finally, Deprince Race & Zollo Inc. acquired a new stake in shares of Rayonier during the first quarter worth $85,771,000. Institutional investors and hedge funds own 89.12% of the company's stock.

About Rayonier

Rayonier Inc NYSE: RYN is a real estate investment trust that owns, leases and manages timberlands. The company generates revenue primarily from the sale of timber and logs, as well as from real estate transactions and leases involving its land holdings.

Rayonier's timber operations span the U.S. South, the Pacific Northwest and New Zealand. Its products include timber used in construction, packaging, paper and other wood-related applications. The company also pursues opportunities involving rural land, conservation, renewable energy and other alternative uses of its properties.

Founded in 1926, Rayonier has evolved from a forest-products company into a publicly traded timberland owner and manager.

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