Rayonier (NYSE:RYN) Stock Price Target Raised at Citigroup

Rayonier (NYSE:RYN) had its target price hoisted by equities research analysts at Citigroup from $19.00 to $23.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup‘s target price suggests a potential upside of 5.24% from the company’s current price.

A number of other equities research analysts have also recently issued reports on RYN. Royal Bank Of Canada boosted their price objective on Rayonier from $20.00 to $22.00 and gave the stock a “sector perform” rating in a report on Friday. Truist Financial decreased their target price 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. Seaport Research Partners restated a “buy” rating and set a $30.00 price objective on shares of Rayonier in a research report on Thursday, October 8th. Finally, Weiss Ratings lowered shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.00.

Rayonier Stock Up 1.4%

NYSE:RYN traded up $0.30 on Monday, hitting $21.86. 907,385 shares of the company’s stock were exchanged, compared to its average volume of 3,067,991. Rayonier has a 52 week low of $17.71 and a 52 week high of $24.82. The company has a market cap of $6.50 billion, a P/E ratio of 37.67 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.77 and a quick ratio of 1.35. The firm has a 50-day moving average price of $19.47 and a 200-day moving average price of $20.90.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.03. The company had revenue of $565.57 million for the quarter, compared to analyst estimates of $406.98 million. Rayonier had a net margin of 11.49% and a return on equity of 2.69%. Rayonier’s revenue for the quarter was up 218.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. As a group, analysts expect that Rayonier will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Rayonier

In other news, EVP Mark Bridwell sold 5,318 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $20.19, for a total transaction of $107,370.42. Following the completion of the transaction, the executive vice president owned 131,661 shares in the company, valued at approximately $2,658,235.59. This represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 6,219 shares of company stock worth $124,088. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rayonier

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Rayonier in the second quarter valued at $617,451,000. Legal & General Group Plc acquired a new stake in shares of Rayonier during the 2nd quarter valued at about $213,574,000. Atlas FRM LLC acquired a new stake in shares of Rayonier during the 2nd quarter valued at about $83,843,200. Bank of New York Mellon Corp grew its position in shares of Rayonier by 111.4% during the 1st quarter. Bank of New York Mellon Corp now owns 2,573,559 shares of the real estate investment trust’s stock valued at $53,067,000 after acquiring an additional 1,356,361 shares during the period. Finally, Kopernik Global Investors LLC purchased a new position in shares of Rayonier in the 1st quarter valued at about $45,086,000. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Rayonier Company Profile

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber.

The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation.

Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.