Rayonier Inc. (NYSE:RYN) Cut to Hold at Zacks Investment Research

Rayonier Inc. (NYSE:RYN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, October 17th.

According to Zacks, “Shares of Rayonier have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimate for third quarter and current-year earnings remaining unchanged in two months’ time. The company’s portfolio of timberlands reflects geographical diversity. Moreover, it is likely to benefit from the recent developments in biogenetics & cloning that help in fast growth of trees. Also, Rayonier has upgraded its U.S. South portfolio through strategic acquisitions and is expected to gain from the recovery in the country’s housing sector. However, foreign exchange fluctuations, tough compliance requirements and seasonality of the forest products industry remain concerns.”

Several other research analysts have also commented on the company. Royal Bank Of Canada reissued a “hold” rating and set a $29.00 price objective on shares of Rayonier in a report on Sunday, October 8th. BMO Capital Markets reissued a “hold” rating and set a $31.00 price objective on shares of Rayonier in a report on Friday, September 29th. Finally, BidaskClub raised Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Rayonier presently has an average rating of “Hold” and an average target price of $30.25.

Rayonier (RYN) opened at 29.39 on Tuesday. The company has a market cap of $3.78 billion, a PE ratio of 24.76 and a beta of 0.34. The stock has a 50 day moving average of $29.03 and a 200-day moving average of $28.65. Rayonier has a 12-month low of $25.85 and a 12-month high of $30.18.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.09. Rayonier had a return on equity of 5.03% and a net margin of 19.10%. The company had revenue of $194.70 million during the quarter, compared to analyst estimates of $151.50 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. Rayonier’s revenue was up 47.4% on a year-over-year basis. On average, equities research analysts anticipate that Rayonier will post $0.43 earnings per share for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of the business. Crossmark Global Holdings Inc. purchased a new stake in Rayonier in the third quarter worth approximately $266,000. Raymond James Financial Services Advisors Inc. boosted its stake in Rayonier by 4.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 57,964 shares of the real estate investment trust’s stock worth $1,674,000 after buying an additional 2,253 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in Rayonier by 25.7% in the third quarter. Pictet Asset Management Ltd. now owns 2,205,523 shares of the real estate investment trust’s stock worth $63,717,000 after buying an additional 451,033 shares in the last quarter. First Trust Advisors LP boosted its stake in Rayonier by 9.1% in the third quarter. First Trust Advisors LP now owns 411,724 shares of the real estate investment trust’s stock worth $11,895,000 after buying an additional 34,358 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Rayonier by 2.2% in the third quarter. Mutual of America Capital Management LLC now owns 104,494 shares of the real estate investment trust’s stock worth $3,019,000 after buying an additional 2,288 shares in the last quarter. 82.49% of the stock is owned by institutional investors and hedge funds.

About Rayonier

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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Analyst Recommendations for Rayonier (NYSE:RYN)

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