Rayonier (NYSE:RYN) Announces Earnings Results, Hits Expectations

Key Points

• Rayonier met earnings expectations with quarterly EPS of $0.10, while revenue reached $396.5 million—above the $374.28 million consensus estimate and up 272.3% year over year.
• The company declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 4.7% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $24.60; institutional investors own 89.12% of Rayonier’s shares.

Rayonier (NYSE:RYN - Get Free Report) issued its earnings results on Wednesday. The real estate investment trust reported $0.10 EPS for the quarter, meeting analysts' consensus estimates of $0.10, FiscalAI reports. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The firm had revenue of $396.50 million for the quarter, compared to the consensus estimate of $374.28 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. The business's quarterly revenue was up 272.3% compared to the same quarter last year.

Rayonier Price Performance

Shares of NYSE:RYN traded up $0.06 during midday trading on Wednesday, reaching $21.99. The company's stock had a trading volume of 4,281,677 shares, compared to its average volume of 2,400,006. The business's fifty day simple moving average is $21.38 and its 200-day simple moving average is $21.45. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. Rayonier has a fifty-two week low of $19.49 and a fifty-two week high of $27.33. The company has a market capitalization of $6.61 billion, a P/E ratio of 7.28 and a beta of 0.87.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio (DPR) is currently 34.44%.

Wall Street Analyst Weigh In

RYN has been the subject of a number of recent research reports. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. Citigroup dropped their price objective on Rayonier from $24.00 to $22.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, May 12th. BMO Capital Markets cut their price objective on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research report on Tuesday, May 19th. Finally, Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $24.60.

Institutional Investors Weigh In On Rayonier

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. grew its position 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 valued at $122,261,000 after purchasing an additional 3,947,226 shares during the period. Caisse de depot et placement du Quebec bought a new position in shares of Rayonier during the 4th quarter worth approximately $20,813,000. Qube Research & Technologies Ltd grew its stake in shares of Rayonier by 1,088.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 790,239 shares of the real estate investment trust's stock worth $17,528,000 after acquiring an additional 723,732 shares in the last quarter. Gotham Asset Management LLC raised its holdings in shares of Rayonier by 246.6% in the third quarter. Gotham Asset Management LLC now owns 960,747 shares of the real estate investment trust's stock valued at $25,498,000 after purchasing an additional 683,517 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Rayonier by 29.4% in the fourth quarter. Franklin Resources Inc. now owns 2,380,739 shares of the real estate investment trust's stock valued at $51,543,000 after purchasing an additional 540,832 shares during the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

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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