Rayonier (NYSE:RYN) Hits New 12-Month Low After Analyst Downgrade

Key Points

• Rayonier shares hit a new 52-week low of $17.85 after Citigroup cut its price target from $23 to $19 while maintaining a neutral rating.
• Analyst sentiment remains cautious, with the stock carrying an overall “Hold” rating and an average price target of $24; institutional investors own approximately 89.12% of shares.
• Rayonier reported quarterly revenue of $396.51 million, up 272.3% year over year, and maintained a quarterly dividend of $0.26 per share, equivalent to a 5.8% annualized yield.

Shares of Rayonier Inc. (NYSE:RYN - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $23.00 to $19.00. Citigroup currently has a neutral rating on the stock. Rayonier traded as low as $17.85 and last traded at $18.0160, with a volume of 3606361 shares traded. The stock had previously closed at $18.06.

RYN has been the subject of several other reports. Weiss Ratings raised Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Truist Financial decreased their target price on Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $24.00.

Insider Transactions at Rayonier

In other Rayonier news, EVP Mark Bridwell sold 5,318 shares of the company's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Rayonier in the 2nd quarter valued at approximately $617,451,000. Cohen & Steers Inc. increased its position 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 worth $293,332,000 after buying an additional 717,021 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Rayonier in the second quarter worth $213,574,000. Pictet Asset Management Holding SA raised its holdings in shares of Rayonier by 42.3% in 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 acquiring an additional 1,463,118 shares during the last quarter. Finally, Deprince Race & Zollo Inc. acquired a new position in shares of Rayonier in the first quarter worth $85,771,000. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91. The company has a 50-day moving average price of $20.55 and a 200-day moving average price of $20.83. The firm has a market capitalization of $5.36 billion, a PE ratio of 40.04 and a beta of 0.89.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting analysts' consensus estimates of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The firm had revenue of $396.51 million during the quarter, compared to analysts' expectations of $374.28 million. During the same quarter last year, the business posted $0.06 EPS. The firm's quarterly revenue was up 272.3% compared to the same quarter last year. Sell-side analysts forecast that Rayonier Inc. will post 0.44 EPS for the current year.

Rayonier Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.26 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.8%. Rayonier's payout ratio is 231.11%.

Rayonier Company Profile

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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