1,749,941 Shares of Rayonier Inc. $RYN Purchased by Private Management Group Inc.

Key Points

• Private Management Group acquired 1,749,941 Rayonier shares in the third quarter, worth about $32.1 million and representing 0.59% of the company. Institutional investors collectively own 89.12% of Rayonier’s stock.
• Rayonier reported quarterly EPS of $0.13, beating the $0.10 consensus estimate, while revenue rose 218.6% year over year to $565.6 million.
• The company declared a quarterly dividend of $0.26 per share, equivalent to a 4.8% annualized yield. Analysts’ consensus rating is “Hold,” with an average price target of $24.

Private Management Group Inc. acquired a new stake in Rayonier Inc. (NYSE:RYN - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,749,941 shares of the real estate investment trust's stock, valued at approximately $32,129,000. Private Management Group Inc. owned 0.59% of Rayonier as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in RYN. Krilogy Financial LLC increased its position in Rayonier by 0.5% during the 3rd quarter. Krilogy Financial LLC now owns 153,576 shares of the real estate investment trust's stock worth $2,901,000 after purchasing an additional 774 shares during the period. Natural Investments LLC lifted its holdings in shares of Rayonier by 5.4% in the 2nd quarter. Natural Investments LLC now owns 16,382 shares of the real estate investment trust's stock valued at $348,000 after buying an additional 833 shares during the period. Choreo LLC lifted its holdings in shares of Rayonier by 5.0% in the 3rd quarter. Choreo LLC now owns 18,870 shares of the real estate investment trust's stock valued at $347,000 after buying an additional 899 shares during the period. FNY Investment Advisers LLC boosted its stake in shares of Rayonier by 50.0% in the second quarter. FNY Investment Advisers LLC now owns 3,000 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 1,000 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of Rayonier by 7.9% in the second quarter. Integrated Wealth Concepts LLC now owns 15,117 shares of the real estate investment trust's stock valued at $322,000 after buying an additional 1,111 shares in the last quarter. Hedge funds and other institutional investors own 89.12% of the company's stock.

Rayonier Price Performance

RYN stock opened at $21.79 on Tuesday. The firm has a 50 day moving average of $19.50 and a 200-day moving average of $20.88. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 37.57 and a beta of 0.88. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36. Rayonier Inc. has a 12-month low of $17.71 and a 12-month high of $24.82.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The real estate investment trust reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.03. The business had revenue of $565.57 million for the quarter, compared to analysts' expectations of $406.98 million. Rayonier had a return on equity of 2.85% and a net margin of 11.49%. The company's revenue was up 218.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. As a group, equities analysts expect that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be given a $0.26 dividend. The ex-dividend date is Thursday, December 17th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. Rayonier's dividend payout ratio (DPR) is currently 179.31%.

Insider Activity

In other news, EVP Mark Bridwell sold 5,318 shares of Rayonier stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $20.19, for a total transaction of $107,370.42. Following the completion of the transaction, the executive vice president owned 131,661 shares of the company's stock, valued at $2,658,235.59. The trade was a 3.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 6,219 shares of company stock worth $124,088. Insiders own 0.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RYN shares. Citigroup upped their price objective on Rayonier from $19.00 to $23.00 and gave the stock a "neutral" rating in a report on Monday. Truist Financial reduced their target price on Rayonier from $24.00 to $22.00 and set a "hold" rating for the company in a report on Monday, October 12th. Royal Bank Of Canada boosted their target price on shares of Rayonier from $20.00 to $22.00 and gave the stock a "sector perform" rating in a research report on Friday. Weiss Ratings cut shares of Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, November 4th. Finally, Seaport Research Partners reaffirmed a "buy" rating and set a $30.00 price target on shares of Rayonier in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $24.00.

Rayonier Company Profile

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber.

The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation.

Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.

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