Rayonier (NYSE:RYN) Upgraded by Raymond James to Outperform Rating

Rayonier (NYSE:RYN - Get Free Report) was upgraded by investment analysts at Raymond James from a "market perform" rating to an "outperform" rating in a research report issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $31.00 price objective on the real estate investment trust's stock. Raymond James' price target points to a potential upside of 13.34% from the stock's current price.

A number of other analysts have also recently issued reports on the company. Truist Financial reduced their price objective on Rayonier from $32.00 to $30.00 and set a "hold" rating for the company in a research report on Monday, January 6th. StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Royal Bank of Canada reduced their price target on Rayonier from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. Finally, Citigroup reduced their price target on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $29.00.

Remove Ads

Rayonier Stock Performance

Shares of NYSE RYN opened at $27.35 on Wednesday. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 11.59 and a beta of 1.00. The stock's fifty day simple moving average is $26.18 and its 200 day simple moving average is $29.06. Rayonier has a 52-week low of $24.88 and a 52-week high of $33.09.

Rayonier (NYSE:RYN - Get Free Report) last issued its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.08. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. As a group, sell-side analysts forecast that Rayonier will post 0.55 earnings per share for the current fiscal year.

Rayonier declared that its Board of Directors has initiated a stock repurchase plan on Monday, December 2nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Rayonier

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new position in Rayonier during the fourth quarter valued at about $25,000. Venturi Wealth Management LLC grew its stake in shares of Rayonier by 165.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 672 shares during the period. UMB Bank n.a. grew its stake in shares of Rayonier by 59.7% in the 4th quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 525 shares during the period. Steward Partners Investment Advisory LLC grew its stake in shares of Rayonier by 264.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,677 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 1,217 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Rayonier by 41.8% in the 4th quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust's stock valued at $45,000 after purchasing an additional 511 shares during the period. 89.12% of the stock is currently owned by institutional investors.

Rayonier Company Profile

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.