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Rayonier (RYN) to Benefit from Acquisitions Despite Q1 Miss
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We updated our research report on Rayonier Inc. (RYN - Free Report) on May 8.
This Jacksonville, FL-based timberland real estate investment trust (REIT) is engaged in owning or leasing timberlands across the U.S. and New Zealand. In early May, the company reported first-quarter 2017 pro forma net income per share of 5 cents, missing the Zacks Consensus Estimate of 9 cents. Also, the bottom line came in lower than the prior-year quarter figure of 11 cents.
Recently, Rayonier completed three transactions with separate sellers for the purchase of around 95,100 acres of industrial timberlands situated in Florida, Georgia and South Carolina. The acquisitions have upgraded the company’s U.S. South portfolio and placed it well to benefit from the ongoing U.S. housing recovery as well as the rise in U.S. lumber production.
However, in the last seven days, its 2017 earnings estimate moved down. In fact, the company faces cut-throat competition in the market from national and local players, regarding a number of factors, including quality and price. Additionally, wood products, in general, encounter increasing rivalry from a variety of substitute products, like non-wood and engineered wood products.
Shares of Rayonier have underperformed the Zacks categorized Building Products - Wood industry in the past three months. Shares of the company declined 2.9%, whereas the industry rose 0.5%.
Currently, Rayonier carries a Zacks Rank #3 (Hold).
In the last 30 days, American Tower Corporation’s FFO per share for second-quarter 2017 moved up 1.3% to $1.55.
In the last 30 days, Arbor Realty Trust’s FFO per share for second-quarter 2017 remained unchanged at 19 cents.
Equity LifeStyle Properties’ second-quarter 2017 FFO per share estimates moved down 1.2% to 81 cents, in the last 30 days.
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Rayonier (RYN) to Benefit from Acquisitions Despite Q1 Miss
We updated our research report on Rayonier Inc. (RYN - Free Report) on May 8.
This Jacksonville, FL-based timberland real estate investment trust (REIT) is engaged in owning or leasing timberlands across the U.S. and New Zealand. In early May, the company reported first-quarter 2017 pro forma net income per share of 5 cents, missing the Zacks Consensus Estimate of 9 cents. Also, the bottom line came in lower than the prior-year quarter figure of 11 cents.
Recently, Rayonier completed three transactions with separate sellers for the purchase of around 95,100 acres of industrial timberlands situated in Florida, Georgia and South Carolina. The acquisitions have upgraded the company’s U.S. South portfolio and placed it well to benefit from the ongoing U.S. housing recovery as well as the rise in U.S. lumber production.
However, in the last seven days, its 2017 earnings estimate moved down. In fact, the company faces cut-throat competition in the market from national and local players, regarding a number of factors, including quality and price. Additionally, wood products, in general, encounter increasing rivalry from a variety of substitute products, like non-wood and engineered wood products.
Shares of Rayonier have underperformed the Zacks categorized Building Products - Wood industry in the past three months. Shares of the company declined 2.9%, whereas the industry rose 0.5%.
Currently, Rayonier carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider stocks like American Tower Corporation (AMT - Free Report) , Arbor Realty Trust, Inc. (ABR - Free Report) and Equity LifeStyle Properties, Inc. (ELS - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, American Tower Corporation’s FFO per share for second-quarter 2017 moved up 1.3% to $1.55.
In the last 30 days, Arbor Realty Trust’s FFO per share for second-quarter 2017 remained unchanged at 19 cents.
Equity LifeStyle Properties’ second-quarter 2017 FFO per share estimates moved down 1.2% to 81 cents, in the last 30 days.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>