Rayonier Inc. (NYSE:RYN) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury cut its stake in shares of Rayonier Inc. (NYSE:RYN) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 75,439 shares of the real estate investment trust’s stock after selling 2,129 shares during the period. State of Tennessee Department of Treasury owned approximately 0.05% of Rayonier worth $1,969,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd purchased a new stake in shares of Rayonier during the fourth quarter worth $25,000. UMB Bank n.a. increased its holdings in Rayonier by 59.7% in the fourth quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 525 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Rayonier by 264.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,677 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 1,217 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Rayonier by 41.8% during the fourth quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 511 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of Rayonier by 30.0% during the fourth quarter. Covestor Ltd now owns 2,317 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 535 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Rayonier Price Performance

Shares of NYSE:RYN opened at $24.62 on Tuesday. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.84 billion, a P/E ratio of 10.43 and a beta of 0.97. Rayonier Inc. has a 52 week low of $22.80 and a 52 week high of $31.29. The company has a 50-day moving average price of $26.27 and a 200 day moving average price of $27.75.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. Research analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.2725 dividend. The ex-dividend date was Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a yield of 4.43%. Rayonier’s payout ratio is currently 46.19%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Truist Financial dropped their price objective on Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. StockNews.com raised Rayonier from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Raymond James raised Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective on the stock in a report on Wednesday, March 12th. Citigroup dropped their price objective on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Finally, Royal Bank of Canada dropped their price objective on Rayonier from $33.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Rayonier has a consensus rating of “Hold” and a consensus target price of $28.25.

Rayonier Company Profile

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.