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Rayonier (RYN) Settles Securities Class Action Litigation
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Rayonier Inc. (RYN - Free Report) announced that it has reached a settlement in a securities class action litigation. The litigation was pending against the Jacksonville, FL-based timberland real estate investment trust (“REIT”) in the United States District Court for the Middle District of Florida (the “District Court”).
With this settlement, all claims against all defendants, including the REIT and the three former executive officers, will be resolved with a settlement payment to the class of $73 million.
Rayonier, which, as of Dec 31, 2016, owned or leased around 2.7 million acres of timberlands across the U.S. and New Zealand, is likely to incur around $740,000 of costs in the first two quarters, pertaining to certain pre-litigation legal expenses.
In early February, Rayonier reported fourth-quarter 2016 pro forma net income per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents. However, the bottom line came in lower than the prior-year quarter’s tally of 9 cents.
Currently, Rayonier carries a Zacks Rank 4 (Sell).
Shares of Rayonier outperformed the Zacks categorized Building Products - Wood industry in the last one month. During that time frame, shares of the company gained 2.3%, whereas the industry lost 1.3%.
In the last 30 days, Global Net Lease’s funds from operations (FFO) per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates moved up 4.7% to $1.12, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
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Rayonier (RYN) Settles Securities Class Action Litigation
Rayonier Inc. (RYN - Free Report) announced that it has reached a settlement in a securities class action litigation. The litigation was pending against the Jacksonville, FL-based timberland real estate investment trust (“REIT”) in the United States District Court for the Middle District of Florida (the “District Court”).
With this settlement, all claims against all defendants, including the REIT and the three former executive officers, will be resolved with a settlement payment to the class of $73 million.
Rayonier, which, as of Dec 31, 2016, owned or leased around 2.7 million acres of timberlands across the U.S. and New Zealand, is likely to incur around $740,000 of costs in the first two quarters, pertaining to certain pre-litigation legal expenses.
In early February, Rayonier reported fourth-quarter 2016 pro forma net income per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents. However, the bottom line came in lower than the prior-year quarter’s tally of 9 cents.
Currently, Rayonier carries a Zacks Rank 4 (Sell).
Shares of Rayonier outperformed the Zacks categorized Building Products - Wood industry in the last one month. During that time frame, shares of the company gained 2.3%, whereas the industry lost 1.3%.
Investors interested in the REIT sector, may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
In the last 30 days, Global Net Lease’s funds from operations (FFO) per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates moved up 4.7% to $1.12, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth.Download this IPO Watch List today for free >>