Rayonier (NYSE:RYN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, March 6th. The brokerage presently has a $38.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 6.86% from the company’s current price.
According to Zacks, “Shares of Rayonier have outperformed the industry it belongs to in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for 2018 earnings being revised upward in a month’s time. Notably, the company’s fourth-quarter 2017 results benefited from strong performance of its three timber segments. Rayonier’s portfolio of timberlands reflects geographical diversity. Moreover, the company is likely to benefit from the developments in biogenetics & cloning that help in fast growth of trees. The company has also upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the country’s housing sector. However, the company faces competition from its substitutes and other market players in the timberland sector. Further, foreign exchange fluctuations remain a concern for the company. Rate hike adds to its woes.”
RYN has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed a “hold” rating and issued a $30.00 target price on shares of Rayonier in a research report on Friday, January 12th. Citigroup initiated coverage on shares of Rayonier in a research report on Thursday, March 1st. They issued a “neutral” rating and a $37.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $34.25.
Rayonier (NYSE:RYN) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.11. Rayonier had a net margin of 18.64% and a return on equity of 4.96%. The firm had revenue of $186.30 million for the quarter, compared to analysts’ expectations of $165.73 million. During the same quarter in the previous year, the company posted $0.05 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. analysts expect that Rayonier will post 0.65 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB acquired a new position in Rayonier in the fourth quarter valued at about $378,000. Brookfield Asset Management Inc. increased its stake in Rayonier by 121.2% during the fourth quarter. Brookfield Asset Management Inc. now owns 100,000 shares of the real estate investment trust’s stock worth $3,163,000 after purchasing an additional 54,800 shares during the period. MetLife Investment Advisors LLC purchased a new stake in Rayonier during the fourth quarter worth about $2,580,000. Vident Investment Advisory LLC purchased a new stake in Rayonier during the fourth quarter worth about $374,000. Finally, Jane Street Group LLC purchased a new stake in Rayonier during the fourth quarter worth about $280,000. 84.27% of the stock is currently owned by institutional investors.
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Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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