Rayonier Inc. (NYSE:RYN) Stock Has Consensus Price Target of $23.60

Rayonier Inc. (NYSE:RYN) has been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $22.80.

A number of analysts recently commented on RYN shares. Truist Financial decreased their price objective on shares of Rayonier from $24.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, October 12th. Citigroup decreased their price objective on Rayonier from $23.00 to $19.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Royal Bank Of Canada lowered their target price on shares of Rayonier from $24.00 to $20.00 and set a “sector perform” rating for the company in a research note on Friday. Weiss Ratings upgraded Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, Seaport Research Partners reissued a “buy” rating and set a $30.00 price objective on shares of Rayonier in a research note on Thursday, October 8th.

Rayonier Stock Up 0.7%

RYN stock opened at $18.82 on Wednesday. Rayonier has a one year low of $17.71 and a one year high of $24.84. The company has a fifty day moving average of $19.88 and a 200-day moving average of $20.71. The stock has a market capitalization of $5.60 billion, a PE ratio of 41.82 and a beta of 0.89. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. During the same quarter in the previous year, the company earned $0.06 EPS. The firm’s revenue for the quarter was up 272.3% compared to the same quarter last year. As a group, analysts expect that Rayonier will post 0.42 EPS for the current year.

Rayonier Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Thursday, December 17th. Rayonier’s dividend payout ratio is 231.11%.

Insider Activity at Rayonier

In other news, EVP Mark Bridwell sold 5,318 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $20.19, for a total value of $107,370.42. Following the transaction, the executive vice president owned 131,661 shares of the company’s stock, valued at approximately $2,658,235.59. This trade represents a 3.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 6,219 shares of company stock valued at $124,088. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Rayonier

Several hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in shares of Rayonier in the third quarter worth about $26,000. Bayban bought a new position in Rayonier during the first quarter worth $36,000. Whittier Trust Co. lifted its position in shares of Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 969 shares during the last quarter. North Star Investment Management Corp. bought a new position in Rayonier in the first quarter worth about $51,000. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Rayonier by 124,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 2,498 shares during the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

About Rayonier

Rayonier Inc (NYSE:RYN) is a real estate investment trust that owns and manages timberlands and other rural land assets. The company’s primary business is the sustainable management of forest resources, with timber harvested and sold for use in lumber, paper, packaging, and other wood products.

Rayonier’s timber operations are located primarily in the U.S. South, the Pacific Northwest, and New Zealand. Its activities include forest management, timber sales, land conservation, and the sale of higher and better use properties, such as land suitable for residential, commercial, or industrial development.

In addition to its timber business, Rayonier generates value from real estate transactions, renewable energy opportunities, conservation initiatives, and other alternative uses of its land portfolio.