{"id":1658,"date":"2017-03-14T14:48:42","date_gmt":"2017-03-14T14:48:42","guid":{"rendered":"http:\/\/dominiclevent.com\/blog\/?p=1658"},"modified":"2019-04-17T17:19:45","modified_gmt":"2019-04-17T17:19:45","slug":"rayonier-ryn-settles-securities-class-action-litigation-zacks-com","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/rayonier-ryn-settles-securities-class-action-litigation-zacks-com\/","title":{"rendered":"Rayonier (RYN) Settles Securities Class Action Litigation – Zacks.com"},"content":{"rendered":"


\n<\/p>\n

\n

Rayonier Inc.<\/strong> (RYN<\/span><\/a> – <\/span> Free Report<\/a>)\t 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 (\u201cREIT\u201d) in the United States District Court for the Middle District of Florida (the \u201cDistrict Court\u201d).<\/p>\n

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.
\u00a0
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.<\/p>\n

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\u2019s tally of 9 cents.<\/p>\n

Currently, Rayonier carries a Zacks Rank 4 (Sell).
\u00a0
Shares of Rayonier outperformed the Zacks categorized Building Products – Wood<\/a> industry in the last one month. During that time frame, shares of the company gained 2.3%, whereas the industry lost 1.3%.<\/p>\n

\u00a0\"\"<\/p>\n

Investors interested in the REIT sector, may consider stocks like Global Net Lease, Inc. (GNL<\/span><\/a> – <\/span> Free Report<\/a>)\t, CoreSite Realty Corporation (COR<\/span><\/a> – <\/span> Free Report<\/a>)\t and CorEnergy Infrastructure Trust, Inc. (CORR<\/span><\/a> – <\/span> Free Report<\/a>)\t. All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today\u2019s Zacks Rank #1 (Strong Buy) stocks here<\/strong><\/a>.<\/p>\n

In the last 30 days, Global Net Lease\u2019s funds from operations (FFO) per share for first-quarter 2017 escalated 11.1% to 60 cents.<\/p>\n

In the last 30 days, CoreSite Realty\u2019s FFO per share for first-quarter 2017 increased 5% to $1.06.<\/p>\n

CorEnergy Infrastructure Trust\u2019 first-quarter 2017 FFO per share estimates moved up 4.7% to $1.12, in the last 30 days.<\/p>\n

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<\/em>.<\/p>\n

Zacks’ 2017 IPO Watch List \u00a0<\/strong><\/p>\n

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.<\/p>\n

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 >><\/strong><\/a><\/p>\n<\/p><\/div>\n


\n
Source link <\/a>
\n\"\"<\/a>
\n