Bank of America Trims Rayonier (NYSE:RYN) Target Price to $31.00

Rayonier (NYSE:RYN) had its price target cut by Bank of America from $32.00 to $31.00 in a research note published on Friday morning, BenzingaRatingsTable reports. They currently have an underperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on RYN. BMO Capital Markets lowered their target price on shares of Rayonier from $34.00 to $30.00 and set a market perform rating on the stock in a research note on Thursday, August 8th. TheStreet cut shares of Rayonier from a b- rating to a c rating in a research note on Wednesday, August 7th. Zacks Investment Research cut shares of Rayonier from a buy rating to a hold rating in a research note on Thursday, May 16th. Finally, ValuEngine raised shares of Rayonier from a hold rating to a buy rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $31.19.

NYSE RYN opened at $26.29 on Friday. The company has a market capitalization of $3.50 billion, a PE ratio of 33.28 and a beta of 0.77. The company has a 50-day simple moving average of $29.35. Rayonier has a twelve month low of $25.83 and a twelve month high of $35.63. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.61 and a current ratio of 2.56.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.02. The business had revenue of $184.80 million for the quarter, compared to analysts’ expectations of $196.11 million. Rayonier had a net margin of 9.28% and a return on equity of 4.18%. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts predict that Rayonier will post 0.54 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.08 dividend on an annualized basis and a yield of 4.11%. Rayonier’s payout ratio is currently 136.71%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in Rayonier by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 9,008,257 shares of the real estate investment trust’s stock worth $269,977,000 after buying an additional 81,675 shares during the last quarter. Confluence Investment Management LLC grew its stake in Rayonier by 0.5% during the second quarter. Confluence Investment Management LLC now owns 3,004,767 shares of the real estate investment trust’s stock worth $91,045,000 after buying an additional 15,414 shares during the last quarter. Pictet Asset Management Ltd. grew its stake in Rayonier by 13.9% during the first quarter. Pictet Asset Management Ltd. now owns 2,920,647 shares of the real estate investment trust’s stock worth $92,059,000 after buying an additional 356,977 shares during the last quarter. Marathon Asset Management LLP grew its stake in Rayonier by 1.0% during the second quarter. Marathon Asset Management LLP now owns 1,693,034 shares of the real estate investment trust’s stock worth $51,301,000 after buying an additional 16,272 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Rayonier by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 1,561,783 shares of the real estate investment trust’s stock worth $47,323,000 after buying an additional 70,119 shares during the last quarter. 84.45% of the stock is currently owned by institutional investors and hedge funds.

About Rayonier

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.

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