Citigroup Lowers Rayonier (NYSE:RYN) Price Target to $22.00

Key Points

• Citigroup lowered Rayonier’s price target from $24 to $22 while keeping a neutral rating, implying about 10.9% upside from the current share price.
• Rayonier’s stock fell 2.5% to $19.84 on Wednesday, trading near its 52-week low of $19.49 and below both its 50-day and 200-day moving averages.
• The company recently reported Q1 earnings of $0.07 per share, beating estimates, though revenue came in slightly below expectations at $276.8 million.

Rayonier (NYSE:RYN - Get Free Report) had its target price reduced by Citigroup from $24.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price suggests a potential upside of 10.92% from the stock's current price.

Several other equities research analysts have also recently weighed in on RYN. Truist Financial increased their price target on shares of Rayonier from $24.00 to $25.00 and gave the company a "hold" rating in a research report on Monday. Weiss Ratings reissued a "hold (c-)" rating on shares of Rayonier in a research report on Friday, March 27th. Raymond James Financial raised Rayonier from an "outperform" rating to a "strong-buy" rating and upped their price target for the company from $26.00 to $28.00 in a research report on Friday, February 13th. Wall Street Zen upgraded Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Royal Bank Of Canada set a $24.00 target price on Rayonier in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $24.75.

Rayonier Trading Down 2.5%

Shares of Rayonier stock traded down $0.51 during trading on Wednesday, reaching $19.84. The company's stock had a trading volume of 1,953,700 shares, compared to its average volume of 2,923,289. Rayonier has a 52-week low of $19.49 and a 52-week high of $27.33. The company has a market cap of $5.97 billion, a price-to-earnings ratio of 6.57 and a beta of 0.90. The firm's 50-day moving average is $20.88 and its two-hundred day moving average is $21.87. The company has a quick ratio of 3.23, a current ratio of 2.53 and a debt-to-equity ratio of 0.35.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.01. The company had revenue of $276.80 million during the quarter, compared to analysts' expectations of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The firm's revenue was up 233.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. On average, sell-side analysts anticipate that Rayonier will post 0.43 earnings per share for the current year.

Insider Activity

In other news, Chairman Eric J. Cremers sold 169,200 shares of the firm's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $21.44, for a total value of $3,627,648.00. Following the completion of the sale, the chairman directly owned 709,583 shares of the company's stock, valued at approximately $15,213,459.52. This trade represents a 19.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Wayne Wasechek sold 2,920 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer directly owned 115,530 shares of the company's stock, valued at approximately $2,445,770.10. This represents a 2.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Company insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Rayonier by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 21,174,792 shares of the real estate investment trust's stock worth $458,434,000 after acquiring an additional 444,503 shares in the last quarter. Norges Bank bought a new position in shares of Rayonier in the 4th quarter worth about $313,806,000. Cohen & Steers Inc. increased its stake in shares of Rayonier by 5.6% in the 4th quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust's stock worth $293,332,000 after acquiring an additional 717,021 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Rayonier by 232.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust's stock worth $122,261,000 after acquiring an additional 3,947,226 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in shares of Rayonier by 42.3% in the 1st 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 acquiring an additional 1,463,118 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

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.

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