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Rayonier Inc. (RYN)

  • Dec. 17, 2014, 10:35 AM
    • David Nunes purchased $1M worth of company stock yesterday, picking up 40K shares of RYN at $26.33 each - bringing his stake in the company up to 125K shares.
  • Dec. 10, 2014, 8:18 AM
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  • Nov. 20, 2014, 1:41 PM
    • This is what DA Davidson had to say about Rayonier (RYN +1.3%) the day after the company had to restate results and said it had been harvesting above sustainable levels for years: "Confidence in story (not management) shaken... the near term optics look bad, and we think it’s perhaps premature to get positive on the stock despite today’s 15% decline."
    • Given a few days to think it over, the team now spots value in the stock (after its 20% decline) and upgrades to Buy from Neutral.
    • Rayonier this afternoon released a new investor presentation. Next year's sales are expected in the area of $575M vs. $590M-$600M in 2014, with adjusted EBITDA of $200M-$220M vs. $238M-$242M this year.
  • Nov. 11, 2014, 8:21 AM
    • In a highly-critical note titled "Rayonier Cuts Everything - Dividend, Inventory, and Harvest Projections. So Are We." D.A. Davidson drops its 12-18 month price target on Rayonier (NYSE:RYN) by 10% to $31.50. Key points:
    • "Rayonier reported its first full quarter as a pure play Timber REIT, and its lowered the boom on everything. The quarter itself wasn’t so bad, but the message was; as the company has been harvesting above sustainable levels for the past decade, inventories were overstated and depletion was understated in recent quarters, compromising the quality of earnings thus far this year."
    • "New management has clearcut the credibility of the old regime. We can’t recall a situation in covering the Timber REITs where the credibility of the old guard has been called into question so blatantly."
    • "Confidence in story (not management) shaken... the near term optics look bad, and we think it’s perhaps premature to get positive on the stock despite today’s 15% decline."
    • Previously: Raynoier restates results, makes strategic changes
    • Previously: Rayonier Advanced Materials hit by Rayonier restatement
  • Nov. 10, 2014, 12:59 PM
    | 1 Comment
  • Nov. 10, 2014, 12:58 PM
    • Down alongside Rayonier (RYN -15.3%) - which earlier was restated results lower from this year's first half and cut the dividend as it plans to lower harvests and stop selling nonstrategic land to raise cash - is recently spun off Rayonier Advanced Materials (RYAM -6.9%).
    • The management team which looks to have botched the first half doings at Rayonier is now running Rayonier Advanced Materials.
    • Previously: Raynoier restates results, makes strategic changes
  • Nov. 10, 2014, 8:37 AM
    • An internal review following the spinoff of the Performance Fibers business found understatements in the depletion of cost of good sold in quarter's two and three this year caused on overstatement of income from continuing operations of $1.9M and $2M, respectively. Errors in calculating depletion expense in 2012 and 2013 were deemed immaterial. Pro forma income in Q3 was $36M
    • Strategic changes: The company has been harvesting timber in the Pacific Northwest at too fast a pace and going forward will manage timberlands on a sustainable basis. The company estimates the annual sustainable yield is about 1.3M tons vs. the average annual harvest of 1.8M tons over the past decade. The harvest is expected to fall to 1M tons by 2017 and be maintained there for 5-10 years.
    • The company plans to significantly reduce sales of non-strategic timberlands, which, in the past, have been used to augment income and cash flow. The quarterly dividend is cut by a nickel to $0.25 per share.
    • The conference call is just getting underway and can be heard live and in replay on Seeking Alpha.
    • Previously: Rayonier beats by $0.08, misses on revenue
    • RYN -0.1% premarket
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  • Nov. 10, 2014, 7:04 AM
    • Rayonier (NYSE:RYN): Q3 EPS of $0.27 beats by $0.08.
    • Revenue of $149.8M (-6.0% Y/Y) misses by $30.91M.
    • Press Release
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  • Nov. 9, 2014, 5:30 PM
  • Jul. 29, 2014, 8:33 AM
    • Pro forma net income of $10M or $0.08 per share vs. $23M and $0.17 one year ago.
    • Forest Resources: Q2 sales of $101M down from $109M. Operating income of $22M up a hair.
    • Real Estate: Q2 sales of $34M up from $13M, and operating income of $28M up from $22M. The big boosts are the result of a sale of 19.5K acres of non-strategic timberland.
    • Outlook: Results from timberland in the South will be above prior year as demand improves, but in the Pacific Northwest and New Zealand, lower prices in H2 thanks to higher log inventories in China will hurt numbers. The bottom line: Forest Resources full-year results will be modestly below prior guidance. In Real Estate, 2014 should be comparable to 2013.
    • Conference call at 2 ET
    • Previously: Rayonier EPS of $0.08
    • RYN -3.3% premarket
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  • Jul. 29, 2014, 8:08 AM
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  • Jul. 9, 2014, 8:23 AM
    • S&P cuts Rayonier's (RYN) credit rating to BBB from BBB+. The outlook is upgraded to stable from negative.
    • "We view an upgrade to be unlikely because Rayonier is not expected to maintain leverage appropriate for our modest financial profile category (less than 2x debt to EBITDA)," says S&P analyst Thomas Nadramia. "EBITDA would have to exceed our 2015 forecast by 35% or more for this to occur."
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  • Jun. 30, 2014, 12:46 PM
    | 1 Comment
  • Jun. 30, 2014, 8:46 AM
    • Rayonier (RYN) completed the spinoff of Rayonier Advanced Materials (RYAM) over the weekend.
    • Both DA Davidson and RBC Capital downgrade RYN to Neutral.
    • Source: Press Release
    • RYN is trading at $36.19 premarket vs. Friday's $48.50 close.
    | 1 Comment
  • Jun. 16, 2014, 8:35 AM
    • Reporting "significant progress" towards the separation of its Performance Fibers business, Rayonier (RYN) says its firmly on track to close the deal, effective June 27.
    • Rayonier Advanced Materials will trade on the NYSE under the symbol RYAM.
    • Source: Press Release
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  • Jun. 10, 2014, 10:44 AM
    • Rayonier (RYN) Chairman and CEO Paul Boynton will host a conference call to update investors on progress towards the spinoff of the company's performance fibers business (to be named Rayonier Advanced Materials).
    • Tomorrow's 7 AM ET call (webcast here) - ahead of investor meetings over the next two weeks and the spinoff date of June 27 - will include discussion on the makeup of the board and management, capital structure, the planned dividend, and the company's strategic direction.
    • Source: Press Release
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RYN vs. ETF Alternatives
Company Description
Rayonier Inc is an international forest products company. It is engaged in activities associated with timberland management, sale and entitlement of real estate, and production and sale of high value specialty cellulose fibers.
Sector: Financial
Country: United States