Rayonier (NYSE:RYN) to Buyback $300.00 million in Outstanding Stock

Rayonier (NYSE:RYN) declared that its Board of Directors has authorized a share repurchase plan on Monday, December 2nd, RTT News reports. The company plans to buyback $300.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RYN shares. Truist Financial lifted their price target 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 Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th.

Rayonier Stock Down 1.2 %

NYSE RYN traded down $0.39 on Monday, reaching $31.49. The stock had a trading volume of 612,207 shares, compared to its average volume of 607,532. The business has a 50 day moving average price of $31.38 and a 200 day moving average price of $30.40. The company has a current ratio of 1.99, a quick ratio of 1.85 and a debt-to-equity ratio of 0.71. Rayonier has a 1 year low of $27.40 and a 1 year high of $35.29. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of 30.07 and a beta of 1.05.

Rayonier (NYSE:RYN) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 EPS for the quarter, missing analysts’ consensus estimates 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 quarter last year, the firm earned $0.13 EPS. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, analysts forecast that Rayonier will post 0.38 EPS for the current fiscal year.

Rayonier Increases Dividend

The business also recently declared a special dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, December 12th will be given a $1.80 dividend. This is a boost from Rayonier’s previous special dividend of $0.20. Rayonier’s payout ratio is currently 107.55%.

Insiders Place Their Bets

In other Rayonier news, Director V. Larkin Martin sold 10,011 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total value of $306,036.27. Following the completion of the sale, the director now owns 40,168 shares of the company’s stock, valued at $1,227,935.76. The trade was a 19.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.83% 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 December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.