Rayonier (NYSE:RYN) Given New $23.00 Price Target at Citigroup

Key Points

• Citigroup raised Rayonier’s price target from $19 to $23 while maintaining a neutral rating; the new target implies 5.24% upside from the share price cited in the report.
• Analyst sentiment is broadly “Hold,” with a $24 consensus price target; ratings include one Strong Buy, four Holds, and one Sell.
• Rayonier beat quarterly earnings expectations, reporting $0.13 per share versus the $0.10 consensus, while revenue rose 218.6% year over year to $565.57 million.

Rayonier (NYSE:RYN - Get Free Report) had its price objective increased by stock analysts at Citigroup from $19.00 to $23.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the real estate investment trust's stock. Citigroup's price target suggests a potential upside of 5.24% from the company's current price.

A number of other research analysts have also recently issued reports on the stock. Seaport Research Partners reissued a "buy" rating and issued a $30.00 target price on shares of Rayonier in a report on Thursday, October 8th. Truist Financial decreased their price target on Rayonier from $24.00 to $22.00 and set a "hold" rating on the stock in a research report on Monday, October 12th. Weiss Ratings cut Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday. Finally, Royal Bank Of Canada lifted their price objective on Rayonier from $20.00 to $22.00 and gave the company a "sector perform" rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $24.00.

Rayonier Price Performance

Shares of Rayonier stock traded up $0.30 during mid-day trading on Monday, reaching $21.86. 907,385 shares of the stock were exchanged, compared to its average volume of 3,067,991. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 37.67 and a beta of 0.88. The company has a current ratio of 1.77, a quick ratio of 1.35 and a debt-to-equity ratio of 0.33. The firm has a 50-day simple moving average of $19.47 and a 200 day simple moving average of $20.90. Rayonier has a fifty-two week low of $17.71 and a fifty-two week high of $24.82.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The real estate investment trust reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.03. The firm had revenue of $565.57 million for the quarter, compared to analyst estimates of $406.98 million. Rayonier had a net margin of 11.49% and a return on equity of 2.69%. The company's revenue for the quarter was up 218.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. On average, sell-side analysts predict that Rayonier will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Rayonier

In other news, EVP Mark Bridwell sold 5,318 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $20.19, for a total transaction of $107,370.42. Following the sale, the executive vice president directly owned 131,661 shares of the company's stock, valued at $2,658,235.59. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,219 shares of company stock valued at $124,088 over the last ninety days. Insiders own 0.84% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Hantz Financial Services Inc. grew its stake in shares of Rayonier by 18.7% during the third quarter. Hantz Financial Services Inc. now owns 14,986 shares of the real estate investment trust's stock worth $275,000 after purchasing an additional 2,360 shares during the period. Moors & Cabot Inc. acquired a new position in shares of Rayonier during the 3rd quarter worth about $270,000. Fisher Asset Management LLC grew its position in shares of Rayonier by 7.3% during the 3rd quarter. Fisher Asset Management LLC now owns 440,824 shares of the real estate investment trust's stock worth $8,094,000 after buying an additional 29,945 shares during the period. Maryland State Retirement & Pension System increased its stake in shares of Rayonier by 23.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 18,530 shares of the real estate investment trust's stock valued at $340,000 after acquiring an additional 3,475 shares during the last quarter. Finally, AMG National Trust Bank bought a new stake in shares of Rayonier in the 3rd quarter valued at about $440,000. 89.12% of the stock is currently owned by institutional investors.

About Rayonier

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber.

The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation.

Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.

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