Citigroup Cuts Rayonier (NYSE:RYN) Price Target to $22.00

Rayonier (NYSE:RYN) had its price target decreased by Citigroup from $24.00 to $22.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

RYN has been the topic of a number of other reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Rayonier in a research note on Friday, March 27th. Truist Financial lifted their price target on Rayonier from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Raymond James Financial raised Rayonier from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $26.00 to $28.00 in a research note on Friday, February 13th. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Finally, Royal Bank Of Canada set a $24.00 target price on Rayonier in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Rayonier presently has a consensus rating of “Hold” and a consensus price target of $24.75.

Rayonier Stock Performance

Shares of NYSE RYN opened at $19.82 on Wednesday. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 6.56 and a beta of 0.90. The company has a current ratio of 2.53, a quick ratio of 3.23 and a debt-to-equity ratio of 0.35. Rayonier has a 1-year low of $19.49 and a 1-year high of $27.33. The stock’s 50-day moving average is $20.77 and its 200 day moving average is $21.80.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $276.79 million for the quarter, compared to analysts’ expectations of $280.92 million. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.Rayonier’s revenue for the quarter was up 233.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.02) EPS. On average, sell-side analysts anticipate that Rayonier will post 0.36 EPS for the current fiscal year.

Rayonier Cuts Dividend

The firm also recently announced 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 of this dividend was Tuesday, March 17th. This represents a $1.04 annualized dividend and a dividend yield of 5.2%. Rayonier’s payout ratio is 34.44%.

Insider Activity at Rayonier

In other news, Chairman Eric J. Cremers sold 169,200 shares of the business’s stock in a transaction that occurred on 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 transaction, the chairman directly owned 709,583 shares of the company’s stock, valued at approximately $15,213,459.52. The trade was a 19.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wayne Wasechek sold 2,920 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $21.17, for a total value of $61,816.40. Following the transaction, the chief financial officer directly owned 115,530 shares in the company, valued at $2,445,770.10. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rayonier

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Rayonier by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 21,174,792 shares of the real estate investment trust’s stock valued at $458,434,000 after purchasing an additional 444,503 shares in the last quarter. Norges Bank bought a new stake in shares of Rayonier during the fourth quarter valued at approximately $313,806,000. Cohen & Steers Inc. boosted its position in shares of 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 valued at $293,332,000 after purchasing an additional 717,021 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of Rayonier by 232.2% during the fourth 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 in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Rayonier by 42.3% during the first quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust’s stock valued at $101,563,000 after purchasing an additional 1,463,118 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

About Rayonier

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.