Rayonier (NYSE:RYN) Stock Gets Price Target Reduction from Truist Financial

Key Points

• Truist Financial lowered Rayonier’s price target from $24 to $22 while maintaining a “hold” rating, implying 16.87% upside from the prior close.
• Analyst sentiment remains cautious: Rayonier has a consensus “Hold” rating and an average price target of $23.60, despite Seaport Research Partners maintaining a “Buy” rating with a $30 target.
• Rayonier shares fell 0.8% to $18.82, while the company reported quarterly revenue of $396.51 million—up 272.3% year over year—and earnings per share in line with estimates at $0.10.

Rayonier (NYSE:RYN - Get Free Report) had its price objective cut by Truist Financial from $24.00 to $22.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential upside of 16.87% from the stock's previous close.

A number of other research firms have also commented on RYN. Citigroup dropped their price target on shares of Rayonier from $23.00 to $19.00 and set a "neutral" rating on the stock in a research report on Monday, October 5th. Seaport Research Partners restated a "buy" rating and issued a $30.00 target price on shares of Rayonier in a research note on Thursday. Finally, Weiss Ratings raised shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Rayonier has a consensus rating of "Hold" and an average price target of $23.60.

Rayonier Stock Down 0.8%

Shares of RYN traded down $0.15 during midday trading on Monday, hitting $18.82. The company had a trading volume of 1,236,498 shares, compared to its average volume of 3,014,952. 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 stock has a market cap of $5.60 billion, a price-to-earnings ratio of 41.86 and a beta of 0.89. Rayonier has a 52 week low of $17.71 and a 52 week high of $25.97. The company's 50 day moving average price is $20.28 and its 200 day moving average price is $20.79.

Rayonier (NYSE:RYN - Get Free Report) last posted its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) 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 firm had revenue of $396.51 million during the quarter, compared to analyst estimates of $374.28 million. During the same period in the previous year, the business posted $0.06 EPS. Rayonier's revenue was up 272.3% on a year-over-year basis. On average, equities research analysts predict that Rayonier will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other Rayonier news, EVP Mark Bridwell sold 5,318 shares of Rayonier stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $20.19, for a total value of $107,370.42. Following the sale, the executive vice president directly owned 131,661 shares in the company, valued at approximately $2,658,235.59. The trade was a 3.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 6,219 shares of company stock valued at $124,088 over the last ninety days. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Rayonier

Several institutional investors and hedge funds have recently bought and sold shares of RYN. Bayban acquired a new stake in shares of Rayonier during the first quarter worth $36,000. Whittier Trust Co. grew its position 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 purchasing an additional 969 shares in the last quarter. North Star Investment Management Corp. bought a new position in shares of Rayonier during the first quarter worth approximately $51,000. Sunbelt Securities Inc. increased its holdings in shares of Rayonier by 124,900.0% during the first quarter. Sunbelt Securities Inc. now owns 2,500 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 2,498 shares during the period. Finally, Basecamp Wealth Advisors LLC raised its position in shares of Rayonier by 109.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,571 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 1,344 shares in the last quarter. Institutional investors 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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