Rayonier (NYSE:RYN) Releases Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Rayonier reported quarterly EPS of $0.07, beating estimates by $0.01, while revenue of $276.8 million slightly missed expectations and rose 233.9% year-over-year.
• The company paid a quarterly dividend of $0.26 per share (annualized $1.04), implying a 4.9% yield and a payout ratio of 34.1%.
• Significant insider selling occurred recently (the chairman sold 169,200 shares; the CFO sold 2,920), and analysts have a consensus Hold rating with an average target price of $25.50.

Rayonier (NYSE:RYN - Get Free Report) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.07 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.01, Zacks reports. Rayonier had a return on equity of 4.09% and a net margin of 97.94%.The business had revenue of $276.80 million for the quarter, compared to analyst estimates of $280.92 million. During the same period last year, the company posted ($0.02) earnings per share. Rayonier's quarterly revenue was up 233.9% compared to the same quarter last year.

Rayonier Stock Performance

Shares of RYN stock traded up $0.49 on Wednesday, hitting $21.19. 2,220,120 shares of the stock were exchanged, compared to its average volume of 2,933,808. The firm's 50 day moving average is $20.98 and its two-hundred day moving average is $22.01. Rayonier has a one year low of $19.49 and a one year high of $27.33. The firm has a market capitalization of $6.40 billion, a PE ratio of 6.95 and a beta of 0.90. The company has a current ratio of 3.26, a quick ratio of 3.23 and a debt-to-equity ratio of 0.38.

Rayonier Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 17th. This represents a $1.04 annualized dividend and a dividend yield of 4.9%. Rayonier's dividend payout ratio is presently 34.10%.

Wall Street Analysts Forecast Growth

RYN has been the subject of several research analyst reports. Royal Bank Of Canada set a $24.00 target price on Rayonier in a research report on Thursday, April 16th. Weiss Ratings restated a "hold (c-)" rating on shares of Rayonier in a research report on Friday, March 27th. Truist Financial decreased their price objective on shares of Rayonier from $28.00 to $26.00 and set a "hold" rating for the company in a report on Tuesday, January 6th. Wall Street Zen raised shares of Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. Finally, Raymond James Financial upgraded shares of Rayonier from an "outperform" rating to a "strong-buy" rating and boosted their target price for the company from $26.00 to $28.00 in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Rayonier presently has a consensus rating of "Hold" and an average target price of $25.50.

Insider Activity

In other Rayonier news, CFO Wayne Wasechek sold 2,920 shares of the company's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $21.17, for a total transaction of $61,816.40. Following the sale, the chief financial officer directly owned 115,530 shares of the company's stock, valued at $2,445,770.10. This represents a 2.47% 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. 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. Also, Chairman Eric J. Cremers sold 169,200 shares of Rayonier stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $21.44, for a total transaction of $3,627,648.00. Following the completion of the transaction, the chairman owned 709,583 shares of the company's stock, valued at $15,213,459.52. The trade was a 19.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rayonier

A number of hedge funds and other institutional investors have recently bought and sold shares of RYN. Royal Bank of Canada boosted its holdings in shares of Rayonier by 29.6% in the first quarter. Royal Bank of Canada now owns 159,116 shares of the real estate investment trust's stock worth $4,436,000 after acquiring an additional 36,344 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Rayonier during the 1st quarter worth about $501,000. United Services Automobile Association purchased a new stake in Rayonier during the 1st quarter worth about $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Rayonier by 30.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 554,628 shares of the real estate investment trust's stock worth $15,463,000 after purchasing an additional 130,985 shares during the period. Finally, Invesco Ltd. grew its holdings in Rayonier by 16.9% during the 2nd quarter. Invesco Ltd. now owns 863,707 shares of the real estate investment trust's stock valued at $19,157,000 after buying an additional 124,574 shares in the last quarter. Institutional investors own 89.12% of the company's stock.

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.