Principal Financial Group Inc. boosted its stake in shares of Rayonier Inc. (NYSE:RYN – Free Report) by 94.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 621,876 shares of the real estate investment trust’s stock after purchasing an additional 301,959 shares during the quarter. Principal Financial Group Inc.’s holdings in Rayonier were worth $12,823,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RYN. Eurizon Capital SGR S.p.A. bought a new position in shares of Rayonier during the fourth quarter valued at $34,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Rayonier by 65.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 627 shares during the last quarter. Bayban bought a new stake in shares of Rayonier in the 1st quarter worth about $36,000. Hartford Financial Management Inc. increased its position in shares of Rayonier by 49.7% during the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 575 shares in the last quarter. Finally, Whittier Trust Co. increased its position in shares of Rayonier by 74.0% during the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 969 shares in the last quarter. 89.12% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on RYN. Weiss Ratings downgraded shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. BMO Capital Markets dropped their price objective 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. Citigroup cut their target price on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Finally, Royal Bank Of Canada set a $24.00 target price on Rayonier in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $24.60.
Rayonier Price Performance
Shares of RYN stock opened at $21.59 on Friday. Rayonier Inc. has a 52 week low of $19.49 and a 52 week high of $27.33. The stock has a market capitalization of $6.49 billion, a PE ratio of 7.15 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.21 and a current ratio of 2.53. The stock’s fifty day moving average is $21.14 and its 200-day moving average is $21.52.
Rayonier (NYSE:RYN – Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $276.79 million during the quarter, compared to analysts’ expectations of $280.92 million. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The firm’s revenue for the quarter was up 233.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.02) earnings per share. Equities research analysts expect that Rayonier Inc. will post 0.36 EPS for the current fiscal year.
Rayonier Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.8%. The ex-dividend date is Wednesday, September 16th. Rayonier’s dividend payout ratio (DPR) is presently 34.44%.
About Rayonier
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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