Rayonier Inc. (RYN)

Executive Summary

Rayonier closed at $18.06 on October 2, a 52-week low, after falling 10% following the Fed’s September 16 hike. This summer Rayonier sold Washington timberland at $4,028 an acre and bought Alabama and Texas pine at $2,561 an acre, while the stock prices its timberland at about $1,430 an acre. The $1.04 dividend yields 5.8%, and all variable-rate debt is swapped to fixed, so higher rates have hit the share price more than the cash flow.

What’s Inside The Full Report

• Executive summary and key points
• The stock fell and the land didn’t
• What Rayonier is now
• The first full quarter
• What the market pays per acre
• Higher rates cut both ways here
• The dividend and the debt
• Risks
• The case in short
• TTCM rating and position disclosure