Ancora Advisors LLC Sells 86,767 Shares of Rayonier Inc. $RYN

Key Points

• Ancora Advisors reduced its Rayonier stake by 5.5%, selling 86,767 shares and retaining 1.48 million shares worth approximately $31.6 million, or 0.50% of the company.
• Rayonier reported quarterly revenue of $396.5 million, up 272.3% year over year, while earnings of $0.10 per share matched analyst expectations. The stock opened at $20.55, near its one-year low of $19.49.
• The company declared a quarterly dividend of $0.26, equivalent to a 5.1% annualized yield. Analysts maintain a generally neutral view, with an average “Hold” rating and a $24.80 price target.

Ancora Advisors LLC trimmed its holdings in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 5.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,484,459 shares of the real estate investment trust's stock after selling 86,767 shares during the quarter. Ancora Advisors LLC owned 0.50% of Rayonier worth $31,589,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Quarry LP increased its stake in shares of Rayonier by 19.8% during the 4th quarter. Quarry LP now owns 3,012 shares of the real estate investment trust's stock worth $65,000 after purchasing an additional 498 shares during the last quarter. Greenwood Gearhart Inc. lifted its stake in Rayonier by 4.9% in the fourth quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust's stock valued at $234,000 after purchasing an additional 502 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Rayonier by 65.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 627 shares during the period. Keybank National Association OH grew its holdings in Rayonier by 4.4% during the fourth quarter. Keybank National Association OH now owns 15,641 shares of the real estate investment trust's stock valued at $339,000 after purchasing an additional 656 shares during the period. Finally, Painted Porch Advisors LLC increased its position in Rayonier by 4.9% in the fourth quarter. Painted Porch Advisors LLC now owns 14,421 shares of the real estate investment trust's stock worth $312,000 after buying an additional 671 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Up 0.8%

RYN opened at $20.55 on Tuesday. The company has a fifty day moving average price of $21.46 and a 200-day moving average price of $21.20. The firm has a market capitalization of $6.12 billion, a P/E ratio of 45.67 and a beta of 0.87. 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 Inc. has a one year low of $19.49 and a one year high of $27.06.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The firm 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 company's revenue was up 272.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 EPS. Equities research analysts expect that Rayonier Inc. will post 0.44 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio is currently 231.11%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RYN. Citigroup upped their price target on Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. BMO Capital Markets decreased their price objective on Rayonier from $26.00 to $25.00 and set a "market perform" rating for the company in a report on Tuesday, May 19th. Weiss Ratings upgraded Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Finally, Truist Financial lowered their price objective on Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Rayonier presently has an average rating of "Hold" and an average price target of $24.80.

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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