Millennium Management LLC Grows Position in Rayonier Inc. (NYSE:RYN)

Millennium Management LLC raised its position in Rayonier Inc. (NYSE:RYN) by 253.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,094,880 shares of the real estate investment trust’s stock after buying an additional 784,955 shares during the quarter. Millennium Management LLC’s holdings in Rayonier were worth $28,576,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RYN. UMB Bank n.a. grew its stake in shares of 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 in the last quarter. Inspire Investing LLC grew its stake in shares of Rayonier by 20.8% in the fourth quarter. Inspire Investing LLC now owns 15,473 shares of the real estate investment trust’s stock valued at $404,000 after buying an additional 2,659 shares in the last quarter. KBC Group NV grew its stake in shares of Rayonier by 61.1% in the fourth quarter. KBC Group NV now owns 6,460 shares of the real estate investment trust’s stock valued at $169,000 after buying an additional 2,449 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Rayonier by 2.3% in the fourth quarter. Pacer Advisors Inc. now owns 19,993 shares of the real estate investment trust’s stock valued at $522,000 after buying an additional 442 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Rayonier by 0.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 179,080 shares of the real estate investment trust’s stock valued at $4,674,000 after buying an additional 1,000 shares in the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada lowered their target price on Rayonier from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Friday, May 2nd. StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Truist Financial lowered their target price on Rayonier from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Finally, Raymond James upgraded Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective for the company in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $27.50.

Rayonier Price Performance

Shares of NYSE RYN opened at $24.05 on Tuesday. Rayonier Inc. has a fifty-two week low of $22.80 and a fifty-two week high of $31.29. The business has a 50 day moving average price of $25.38 and a two-hundred day moving average price of $26.92. 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 firm has a market cap of $3.75 billion, a PE ratio of 10.19 and a beta of 1.07.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). The business had revenue of $82.90 million for the quarter, compared to analyst estimates of $152.99 million. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. Rayonier’s revenue for the quarter was down 27.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 EPS. Sell-side analysts expect that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.2725 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.09 annualized dividend and a dividend yield of 4.53%. Rayonier’s payout ratio is 46.78%.

Rayonier 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.