California Public Employees Retirement System Lowers Holdings in Rayonier Inc. (NYSE:RYN)

California Public Employees Retirement System reduced its position in Rayonier Inc. (NYSE:RYN - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 291,682 shares of the real estate investment trust's stock after selling 23,522 shares during the period. California Public Employees Retirement System owned about 0.20% of Rayonier worth $7,613,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in RYN. Walleye Capital LLC purchased a new position in Rayonier in the 3rd quarter worth about $435,000. Quantinno Capital Management LP purchased a new position in shares of Rayonier during the third quarter valued at approximately $285,000. Stifel Financial Corp raised its holdings in shares of Rayonier by 209.6% during the third quarter. Stifel Financial Corp now owns 57,289 shares of the real estate investment trust's stock valued at $1,843,000 after purchasing an additional 38,783 shares during the last quarter. State Street Corp lifted its position in Rayonier by 2.5% during the third quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust's stock valued at $137,715,000 after purchasing an additional 104,464 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Rayonier in the third quarter worth approximately $311,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on RYN. Truist Financial decreased their target price on shares of Rayonier from $32.00 to $30.00 and set a "hold" rating for the company in a research note on Monday, January 6th. 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 report on Wednesday, March 12th. Royal Bank of Canada lowered their target price on Rayonier from $33.00 to $30.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. StockNews.com upgraded Rayonier from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. Finally, Citigroup lowered their price objective on shares of Rayonier from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Rayonier Stock Performance

Rayonier stock traded up $0.35 during trading on Friday, reaching $24.59. The company had a trading volume of 1,205,242 shares, compared to its average volume of 779,704. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 10.42 and a beta of 0.97. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. The firm's 50-day simple moving average is $26.45 and its 200 day simple moving average is $28.30. Rayonier Inc. has a 52 week low of $22.80 and a 52 week high of $31.29.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.19 by $0.08. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. Sell-side analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

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

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.