Rayonier (NYSE:RYN) Reaches New 12-Month Low – Here’s What Happened

Shares of Rayonier Inc. (NYSE:RYN) hit a new 52-week low on Tuesday . The company traded as low as $26.02 and last traded at $26.21, with a volume of 1033263 shares traded. The stock had previously closed at $26.42.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RYN. Truist Financial upped their target price on Rayonier from $31.00 to $32.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th.

Rayonier Stock Up 0.8 %

The firm has a market capitalization of $3.94 billion, a P/E ratio of 24.93 and a beta of 1.02. The company has a fifty day simple moving average of $30.39 and a 200 day simple moving average of $30.29. The company has a quick ratio of 1.85, a current ratio of 1.99 and a debt-to-equity ratio of 0.71.

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

Rayonier Increases Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, December 12th will be issued a $1.80 dividend. This is a positive change from Rayonier’s previous special dividend of $0.20. Rayonier’s payout ratio is presently 107.55%.

Rayonier announced that its Board of Directors has approved a stock repurchase plan 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 plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Rayonier

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rayonier during the third quarter valued at $351,000. Vestcor Inc bought a new position in Rayonier during the 3rd quarter valued at about $1,749,000. Duff & Phelps Investment Management Co. boosted its holdings in shares of Rayonier by 9.7% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 69,150 shares of the real estate investment trust’s stock valued at $2,225,000 after acquiring an additional 6,140 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Rayonier in the third quarter worth approximately $654,000. Finally, XTX Topco Ltd purchased a new position in shares of Rayonier during the third quarter valued at approximately $311,000. Institutional investors 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.