Citigroup Boosts Rayonier (NYSE:RYN) Price Target to $27.00

Rayonier (NYSE:RYN) had its price objective upped by investment analysts at Citigroup from $26.00 to $27.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target would indicate a potential downside of 0.49% from the company’s current price.

A number of other research firms also recently weighed in on RYN. Wall Street Zen upgraded Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Royal Bank Of Canada increased their price objective on Rayonier from $26.00 to $27.00 and gave the company a “sector perform” rating in a report on Friday, August 8th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.00.

Rayonier Stock Performance

NYSE RYN opened at $27.1330 on Thursday. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of 5.48 and a beta of 1.00. Rayonier has a twelve month low of $21.84 and a twelve month high of $32.88. The stock has a fifty day simple moving average of $24.00 and a 200 day simple moving average of $24.83. The company has a quick ratio of 3.38, a current ratio of 3.50 and a debt-to-equity ratio of 0.37.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $106.50 million during the quarter, compared to the consensus estimate of $95.30 million. Rayonier had a return on equity of 3.39% and a net margin of 68.53%.Rayonier’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 earnings per share. Sell-side analysts expect that Rayonier will post 0.55 EPS for the current year.

Hedge Funds Weigh In On Rayonier

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Rayonier by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 20,862,953 shares of the real estate investment trust’s stock worth $581,659,000 after purchasing an additional 456,363 shares in the last quarter. Norges Bank bought a new position in shares of Rayonier during the 2nd quarter worth about $304,538,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Rayonier by 15.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,842,552 shares of the real estate investment trust’s stock worth $107,408,000 after purchasing an additional 639,000 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Rayonier by 24.4% during the 2nd quarter. Legal & General Group Plc now owns 4,193,530 shares of the real estate investment trust’s stock worth $93,012,000 after purchasing an additional 823,311 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Rayonier by 25.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,688,309 shares of the real estate investment trust’s stock worth $81,807,000 after purchasing an additional 754,076 shares in the last quarter. Institutional investors own 89.12% of the company’s stock.

About Rayonier

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.