Benzinga  Sep 23  Comment 
In a report published Tuesday, Bank of America analyst Michael A. Roxland reiterated an Underperform rating on Rayonier Advanced Materials Inc (NYSE: RYAM), but lowered the price target from $32.00 to $26.00. In the report, Bank of America...
SeekingAlpha  Sep 15  Comment 
By Northwood Investment Partners: Rayonier Advanced Materials (NYSE:RYAM) Rayonier Advanced Materials Inc. recently spun off out of Rayonier Inc. (NYSE:RYN). This special situation is presenting classic spin-off dynamics for value investors....
DailyFinance  Sep 8  Comment 
Rayonier Advanced Materials (NYSE:RYAM) today announced that after more than 36 years with the company, Jack Kriesel, Senior Vice President, Advanced Materials plans to retire effective December 31. Kriesel, who has held his...
SeekingAlpha  Aug 6  Comment 
By Praveen Chawla: I just bought RYAM for my portfolio and wanted to write down the reason why. Rayonier Advanced Materials (NYSE:RYAM) manufactures high-purity cellulose derived from wood. Also known as "cellulose specialties," (CS) the...
SeekingAlpha  Jul 29  Comment 
The following audio is from a conference call that will begin on July 29, 2014 at 14:00 PM ET. The audio will stream live while the call is active, and can be replayed upon its completion. Listen now Complete Story »
DailyFinance  Jul 21  Comment 
Rayonier (NYSE:RYN) announced today that the company’s board of directors has declared a third quarter cash dividend of 30 cents per common share. The dividend is payable on September 30, 2014 to shareholders of record on...
StreetInsider.com  Jul 18  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/BofAMerrill+Lynch+Starts+Rayonier+Advanced+Materials+%28RYAM%29+at+Underperform/9671604.html for the full story.
SeekingAlpha  Jul 3  Comment 
By Gordon Tam: Spin-offs are always a fertile land to find undervalued stocks. Today, I analyze a recent spin-off from Rayonier (RYN), Rayonier Advanced Materials (RYAM) through different scenarios analysis. Despite the fact that the risk/reward...
Motley Fool  Jun 30  Comment 
Is this meaningful or just another movement?
Benzinga  Jun 30  Comment 
In a research note released Monday, D.A. Davidson analyst Steven Chercover adjusted his estimates on Rayonier (NYSE: RYN) and downgraded the stock from Buy to Neutral. The adjustment was due to the valuation of the company, as the parent...


Rayonier (NYSE: RYN) is a real estate investment trust that manages timberland and produces basic wood products (i.e. lumber and wood chips) and fibers that are used in products such as textiles and diapers. It is one of the largest private landowners in the U.S., with over 2.5 million acres of land in the U.S., Australia, and New Zealand.[1] Like other timber companies, Rayonier has made money by selling off desirable parcels of land - specifically its coastal land in Florida and Georgia - to home developers. The company generally makes money profit from the initial sale of the land as well as receiving a portion of the proceeds when finished homes are sold to home-buyers. The company earned $1.17 billion in revenue and $3.9 billion in net income in 2009.[2]

Rayonier enjoys a greater degree of insulation from fluctuations in U.S. housing market than other types of REITs. When the housing market slumps and demand for timber drops, the company can sit on its land - unlike other goods, timber appreciates in value over time as trees grow.

The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and have purchased items found on this site list not only equities but also reits mlps and canadian brokerage firm espcially fidelity since have purchased through.The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and have purchased items found on this site list not only equities but also reits mlps and canadian brokerage firm espcially fidelity since have an account with them and canadian brokerage firm espcially fidelity.The dividend dvtciee website httpwwwdividenddetectivecom this site list not only equities but also reits mlps and royalty trusts most of which can be purchased through any major us and royalty trusts most of which can be purchased items.

I really like the cahnges you've made here and recently installed the latest version. However, I just called load.project' in an older project directory only to be reminded that config/global.yaml' is not present. It's easy enough to copy the new directories into my old project, but you might consider adding a function to update old projects to make it quick and transparent.Also, I have a number of scripts in src/ that I usually want loaded at the same time as I run load.project()'. That is, they're functions that I'm actively developing, but the next step after calling load.project() is usually to load these so I can continue development. I previously had these source commands in lib/load_libraries.R (as a bit of a kluge). Did you have a plan for auto-loading stuff in src/ or is that contrary to your intended usage?

Trends and Forces

Timber market cycle

The timber market is influenced by the general business cycle and the health of other markets that demand timber. Although an enormous variety of industries use wood-derived products in some form, some external factors that influence demand include:

  • The U.S. Housing Market - The largest end market for timber products is the construction market, particularly the residential construction market. An average new home built in the U.S. contains over 14,000 board feet of lumber. As such, conditions in the housing market can have a significant impact on lumber-grade timber prices. Increases in residential construction would increase demand and prices for lumber, while housing slumps can put downward pressures on prices as demand declines.
  • Interest rates - Rising interest rates can decrease consumer spending, especially in the housing market. As interest rates rise and it becomes more expensive to purchase a home, residential construction will likely slow, decreasing demand for lumber. Similarly, decreased interest rates would increase the demand for lumber.

However, the nature of timber production offers companies in the industry some unique advantages to weather fluctuations in demand. Since trees increase in value over time, RYN can choose to harvest more during periods of high demand. By reducing production with low demand, RYN reduce costs while their inventory (trees) continue to increase in value, independent of economic influences.

Chinese overcapacity

Declining demand doesn't necessarily lead to lower prices, as described above briefly: Timber companies can offset lower demand to a degree by reducing production capacity, thereby tightening the supply of timber goods as well. Due to the organic nature of its products, the timber industry has a particular incentive to cut production and wait out periods of low demand. Instead of harvesting more trees and producing more end products to compensate for lower prices, timber companies can reduce output and wait for market conditions to improve. By the time demand for timber products increases again, the companies' timberlands will have grown in both size and value. Though it requires patience and a belief that the timber market will rebound, many companies take this approach, as it maximizes per-tree profitability.

Chinese timber companies, however, have not scaled back production in times of low demand. They have instead increased production capacity, building more plants and mills despite declining global demand. The Chinese demand for timber goods, particularly paper products, is currently stronger than in the global market, and much of the extra production is consumed domestically. In spite of this, the fact that China is importing less paper from other countries exacerbates the already-decreasing demand facing U.S. timber companies. Increased Chinese production capacity can put downward pressure on timber and paper prices around the world.

Ah yes, nielcy put, everyone.

As someone wevhoer hired a proper floor sander and edge sander to sand a parquet floor, next time I would employ an expert to do it. My floor isn't ruined but it certainly isn't what it could have been. It is very hard work, even with the right tools and it is very easy to cause damage . . . so you sand a bit more elsewhere to even it up . . . and cause more damage. I wouldn't attempt it with a 5 orbital sander. That really would be hard work and, depending on the grain in the wood, might well not produce the most pleasing finish.

That's a smart ansewr to a difficult question.


  1. RYN 2009 10-K "General" pg. 1
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