98,380 Rayonier Inc. $RYN Shares Acquired by Accordant Advisory Group Inc

Key Points

• Accordant Advisory Group increased its Rayonier position by 98,380 shares, bringing its holdings to 98,418 shares valued at approximately $1.81 million. Institutional investors collectively own 89.12% of RYN.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $22.80; targets range from $19 to $30.
• Rayonier reported quarterly revenue of $396.5 million, up 272.3% year over year, while matching earnings expectations at $0.10 per share. The company also declared a $0.26 quarterly dividend, equivalent to a 5.4% annualized yield.

Accordant Advisory Group Inc lifted its position in Rayonier Inc. (NYSE:RYN - Free Report) by 258,894.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,418 shares of the real estate investment trust's stock after acquiring an additional 98,380 shares during the quarter. Rayonier makes up approximately 1.1% of Accordant Advisory Group Inc's portfolio, making the stock its 22nd largest position. Accordant Advisory Group Inc's holdings in Rayonier were worth $1,807,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RYN. BlackRock Inc. bought a new position in Rayonier in the second quarter worth about $617,451,000. Legal & General Group Plc bought a new position in shares of Rayonier in the second quarter worth approximately $213,574,000. Atlas FRM LLC bought a new position in shares of Rayonier during the second quarter worth $83,843,200. Bank of New York Mellon Corp lifted its stake in shares of Rayonier by 111.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,573,559 shares of the real estate investment trust's stock valued at $53,067,000 after purchasing an additional 1,356,361 shares during the last quarter. Finally, Kopernik Global Investors LLC bought a new position in Rayonier in the 1st quarter valued at $45,086,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RYN has been the subject of a number of research reports. Seaport Research Partners reaffirmed a "buy" rating and set a $30.00 target price on shares of Rayonier in a report on Thursday, October 8th. Citigroup decreased their price target on Rayonier from $23.00 to $19.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Weiss Ratings upgraded Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Truist Financial reduced their price target on shares of Rayonier from $24.00 to $22.00 and set a "hold" rating for the company in a research report on Monday, October 12th. Finally, Royal Bank Of Canada decreased their target price on shares of Rayonier from $24.00 to $20.00 and set a "sector perform" rating on the stock in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Rayonier has a consensus rating of "Hold" and a consensus target price of $22.80.

Rayonier Stock Performance

Rayonier stock opened at $19.40 on Monday. The company has a market capitalization of $5.77 billion, a P/E ratio of 43.11 and a beta of 0.88. Rayonier Inc. has a 1 year low of $17.71 and a 1 year high of $24.82. The business has a 50 day moving average of $19.50 and a 200-day moving average of $20.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $396.51 million for the quarter, compared to analysts' expectations of $374.28 million. Rayonier had a return on equity of 3.49% and a net margin of 7.83%. The firm's revenue for the quarter was up 272.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 earnings per share. On average, equities research analysts predict that Rayonier Inc. will post 0.42 earnings per share for the current year.

Rayonier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Thursday, December 17th. Rayonier's dividend payout ratio is presently 231.11%.

Insider Buying and Selling at Rayonier

In other Rayonier news, EVP Mark Bridwell sold 5,318 shares of the stock in a transaction that occurred 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. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 6,219 shares of company stock valued at $124,088 in the last three months. Corporate insiders own 0.85% of the company's stock.

Rayonier Profile

Rayonier Inc NYSE: RYN is a real estate investment trust that owns and manages timberlands and other rural land assets. The company's primary business is the sustainable management of forest resources, with timber harvested and sold for use in lumber, paper, packaging, and other wood products.

Rayonier's timber operations are located primarily in the U.S. South, the Pacific Northwest, and New Zealand. Its activities include forest management, timber sales, land conservation, and the sale of higher and better use properties, such as land suitable for residential, commercial, or industrial development.

In addition to its timber business, Rayonier generates value from real estate transactions, renewable energy opportunities, conservation initiatives, and other alternative uses of its land portfolio.

Want to see what other hedge funds are holding RYN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Inc. (NYSE:RYN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.