Louisiana State Employees Retirement System purchased a new stake in shares of Rayonier Inc. (NYSE:RYN – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 80,600 shares of the real estate investment trust’s stock, valued at approximately $1,662,000.
A number of other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of Rayonier by 29.6% during 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 purchasing an additional 36,344 shares during the period. Integrated Wealth Concepts LLC bought a new position in Rayonier during the 1st quarter valued at approximately $501,000. United Services Automobile Association bought a new position in Rayonier during the 1st quarter valued at approximately $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Rayonier by 30.9% in 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 worth $15,463,000 after buying an additional 130,985 shares during the period. Finally, Invesco Ltd. lifted its holdings in Rayonier by 16.9% in the 2nd quarter. Invesco Ltd. now owns 863,707 shares of the real estate investment trust’s stock worth $19,157,000 after buying an additional 124,574 shares during the period. Institutional investors own 89.12% of the company’s stock.
Analysts Set New Price Targets
RYN has been the topic of several research analyst reports. Citigroup reduced their target price on Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Royal Bank Of Canada set a $24.00 price target on shares of Rayonier in a report on Thursday, April 16th. Truist Financial boosted their price objective on shares of Rayonier from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Finally, BMO Capital Markets dropped their target price on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $24.80.
Insider Activity
In other news, CFO Wayne Wasechek sold 2,920 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $21.17, for a total value of $61,816.40. Following the sale, the chief financial officer directly owned 115,530 shares of the company’s stock, valued at $2,445,770.10. The trade was a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.85% of the company’s stock.
Rayonier Stock Performance
Shares of RYN stock opened at $21.29 on Thursday. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33. The stock has a market cap of $6.40 billion, a PE ratio of 7.05 and a beta of 0.88. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.35. The company’s fifty day moving average price is $20.90 and its 200-day moving average price is $21.56.
Rayonier (NYSE:RYN – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The company had revenue of $276.79 million during the quarter, compared to analyst estimates of $280.92 million. During the same period last year, the business earned ($0.02) EPS. Rayonier’s quarterly revenue was up 233.9% compared to the same quarter last year. On average, equities analysts expect that Rayonier Inc. will post 0.36 EPS for the current fiscal year.
Rayonier Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.9%. Rayonier’s dividend payout ratio (DPR) is currently 34.44%.
Rayonier Profile
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.
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