Rayonier (NYSE:RYN – Get Free Report) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17, RTT News reports. The business had revenue of $467.40 million during the quarter, compared to analyst estimates of $235.94 million. Rayonier had a net margin of 9.53% and a return on equity of 2.41%. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Rayonier updated its FY24 guidance to $0.40-0.54 EPS and its FY 2024 guidance to 0.400-0.540 EPS.
Rayonier Stock Performance
Shares of RYN opened at $30.30 on Thursday. Rayonier has a 1 year low of $24.84 and a 1 year high of $37.79. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 56.11 and a beta of 1.06. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.72 and a current ratio of 2.02. The firm has a fifty day moving average of $31.99 and a 200-day moving average of $30.35.
Rayonier Cuts Dividend
The company also recently declared a special dividend, which was paid on Friday, January 12th. Stockholders of record on Friday, December 29th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, December 28th. Rayonier’s dividend payout ratio (DPR) is 211.12%.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Rayonier from $33.00 to $34.00 and gave the stock a “hold” rating in a research note on Thursday, January 4th. StockNews.com lowered shares of Rayonier from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Royal Bank of Canada boosted their target price on shares of Rayonier from $32.00 to $34.00 and gave the company a “sector perform” rating in a research note on Tuesday, December 19th. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $34.67.
Hedge Funds Weigh In On Rayonier
Hedge funds and other institutional investors have recently modified their holdings of the company. Neo Ivy Capital Management acquired a new stake in Rayonier in the second quarter worth about $51,000. Point72 Middle East FZE acquired a new stake in Rayonier in the fourth quarter worth about $82,000. Captrust Financial Advisors acquired a new stake in Rayonier in the second quarter worth about $105,000. CENTRAL TRUST Co lifted its holdings in Rayonier by 5.2% in the third quarter. CENTRAL TRUST Co now owns 6,097 shares of the real estate investment trust’s stock worth $183,000 after purchasing an additional 300 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in Rayonier in the fourth quarter worth about $206,000. Institutional investors and hedge funds own 82.75% of the company’s stock.
Rayonier Company Profile
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 September 30, 2023, Rayonier owned or leased under long-term agreements approximately 2.8 million acres of timberlands located in the U.S.