Rayonier (NYSE:RYN) Raised to Strong-Buy at Raymond James Financial

Rayonier (NYSE:RYN) was upgraded by Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a research report issued on Friday, Marketbeat reports. The firm currently has a $28.00 target price on the real estate investment trust’s stock, up from their previous target price of $26.00. Raymond James Financial’s price objective points to a potential upside of 24.47% from the company’s current price.

Several other research firms have also recently commented on RYN. Weiss Ratings restated a “hold (c-)” rating on shares of Rayonier in a research report on Monday, December 29th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $25.00 price objective on shares of Rayonier in a research report on Thursday, December 18th. Citigroup decreased their price objective on Rayonier from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Finally, Truist Financial cut their target price on Rayonier from $28.00 to $26.00 and set a “hold” rating on the stock in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.75.

Rayonier Price Performance

Shares of RYN opened at $22.50 on Friday. Rayonier has a 52 week low of $21.06 and a 52 week high of $28.31. The company has a current ratio of 3.44, a quick ratio of 3.39 and a debt-to-equity ratio of 0.37. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 7.38 and a beta of 0.98. The stock has a 50 day moving average of $22.54 and a 200-day moving average of $23.87.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. Rayonier had a return on equity of 4.11% and a net margin of 97.94%.The firm had revenue of $117.50 million for the quarter, compared to analysts’ expectations of $108.71 million. During the same period last year, the business posted $0.24 earnings per share. The firm’s revenue for the quarter was down 24.4% on a year-over-year basis. As a group, analysts forecast that Rayonier will post 0.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in shares of Rayonier by 213.7% during the 2nd quarter. Allworth Financial LP now owns 1,217 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 829 shares during the last quarter. Hartford Financial Management Inc. acquired a new position in shares of Rayonier in the 3rd quarter valued at $31,000. Eurizon Capital SGR S.p.A. purchased a new position in Rayonier in the 4th quarter worth about $34,000. Northwestern Mutual Wealth Management Co. raised its holdings in Rayonier by 65.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 627 shares during the period. Finally, Caldwell Trust Co purchased a new stake in Rayonier during the second quarter valued at about $39,000. Institutional investors and hedge funds own 89.12% of the company’s stock.

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.