L2 Asset Management LLC Takes $801,000 Position in Rayonier Inc. $RYN

L2 Asset Management LLC purchased a new position in Rayonier Inc. (NYSE:RYNFree Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 37,658 shares of the real estate investment trust’s stock, valued at approximately $801,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Royal Bank of Canada raised its stake in Rayonier by 29.6% in the first quarter. Royal Bank of Canada now owns 159,116 shares of the real estate investment trust’s stock worth $4,436,000 after buying an additional 36,344 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Rayonier during the first quarter worth $501,000. United Services Automobile Association bought a new stake in Rayonier during the 1st quarter valued at $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Rayonier by 30.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 554,628 shares of the real estate investment trust’s stock valued at $15,463,000 after acquiring an additional 130,985 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Rayonier by 16.9% during the 2nd quarter. Invesco Ltd. now owns 863,707 shares of the real estate investment trust’s stock valued at $19,157,000 after acquiring an additional 124,574 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

Rayonier Price Performance

Shares of RYN opened at $21.21 on Tuesday. The company has a market cap of $6.31 billion, a price-to-earnings ratio of 47.13 and a beta of 0.87. Rayonier Inc. has a twelve month low of $19.49 and a twelve month high of $27.10. The company has a quick ratio of 2.91, a current ratio of 3.56 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $21.48 and a two-hundred day moving average of $21.26.

Rayonier (NYSE:RYNGet Free Report) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The business had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. During the same period in the previous year, the company earned $0.06 earnings per share. The business’s revenue for the quarter was up 272.3% on a year-over-year basis. As a group, analysts predict that Rayonier Inc. will post 0.42 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.9%. The ex-dividend date is Wednesday, September 16th. Rayonier’s payout ratio is 231.11%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citigroup boosted their price target on Rayonier from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Weiss Ratings raised Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Truist Financial cut their target price on Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Finally, BMO Capital Markets reduced their target price on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Rayonier currently has a consensus rating of “Hold” and a consensus target price of $24.80.

View Our Latest Stock Report on Rayonier

Rayonier Company Profile

(Free Report)

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.

Further Reading

Institutional Ownership by Quarter for Rayonier (NYSE:RYN)

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