Truist Financial Lowers Rayonier (NYSE:RYN) Price Target to $30.00

Rayonier (NYSE:RYN) had its price target cut by equities research analysts at Truist Financial from $32.00 to $30.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price target points to a potential upside of 14.64% from the company’s previous close.

Separately, StockNews.com raised shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th.

Rayonier Price Performance

RYN stock opened at $26.17 on Monday. Rayonier has a 1 year low of $25.46 and a 1 year high of $35.29. The firm has a market capitalization of $3.90 billion, a PE ratio of 24.69 and a beta of 1.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.99 and a quick ratio of 1.85. The business has a 50 day simple moving average of $29.39 and a 200-day simple moving average of $30.04.

Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The firm had revenue of $195.00 million during the quarter, compared to analysts’ expectations of $211.21 million. During the same period last year, the company earned $0.13 EPS. The business’s quarterly revenue was down 3.3% on a year-over-year basis. Equities research analysts anticipate that Rayonier will post 0.38 earnings per share for the current fiscal year.

Rayonier announced that its Board of Directors has initiated a share buyback program on Monday, December 2nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Rayonier

Several hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new stake in Rayonier during the 3rd quarter worth approximately $25,000. Venturi Wealth Management LLC boosted its holdings in Rayonier by 165.1% in the third quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 672 shares during the period. Blue Trust Inc. grew its stake in Rayonier by 539.9% during the 3rd quarter. Blue Trust Inc. now owns 1,235 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,042 shares in the last quarter. Quest Partners LLC purchased a new stake in Rayonier during the 2nd quarter worth about $40,000. Finally, GAMMA Investing LLC raised its position in Rayonier by 41.8% in the 4th quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 511 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company’s stock.

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, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.