Assetmark Inc. Buys 51,981 Shares of Rayonier Inc. $RYN

Key Points

• Assetmark Inc. sharply increased its position in Rayonier during the first quarter, buying 51,981 additional shares and lifting its stake to 52,002 shares worth about $1.07 million.
• Rayonier reported better-than-expected quarterly earnings of $0.07 per share, though revenue came in slightly below estimates. The company also posted a strong year-over-year revenue jump.
• The company declared a quarterly dividend of $0.26 per share, equal to an annualized yield of about 4.8%. Analysts currently have a consensus rating of Hold with an average price target of $24.60.

Assetmark Inc. increased its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 247,528.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,002 shares of the real estate investment trust's stock after purchasing an additional 51,981 shares during the quarter. Assetmark Inc.'s holdings in Rayonier were worth $1,072,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baker Ellis Asset Management LLC lifted its holdings in Rayonier by 3.8% during the 4th quarter. Baker Ellis Asset Management LLC now owns 12,942 shares of the real estate investment trust's stock worth $280,000 after purchasing an additional 469 shares in the last quarter. Bfsg LLC grew its holdings in Rayonier by 0.6% during the 4th quarter. Bfsg LLC now owns 78,219 shares of the real estate investment trust's stock valued at $1,693,000 after buying an additional 492 shares in the last quarter. Quarry LP grew its holdings in Rayonier by 19.8% during the 4th quarter. Quarry LP now owns 3,012 shares of the real estate investment trust's stock valued at $65,000 after buying an additional 498 shares in the last quarter. Greenwood Gearhart Inc. lifted its holdings in shares of Rayonier by 4.9% in the fourth quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust's stock worth $234,000 after buying an additional 502 shares in the last quarter. Finally, Hartford Financial Management Inc. lifted its holdings in shares of Rayonier by 49.7% in the fourth quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust's stock worth $37,000 after buying an additional 575 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Up 1.3%

Shares of NYSE RYN opened at $21.59 on Friday. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of 7.15 and a beta of 0.88. The business has a 50-day moving average of $21.14 and a 200-day moving average of $21.52.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $276.79 million for the quarter, compared to analysts' expectations of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. Rayonier's revenue for the quarter was up 233.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) earnings per share. Sell-side analysts expect that Rayonier Inc. will post 0.36 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. Rayonier's dividend payout ratio is presently 34.44%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada set a $24.00 price objective on shares of Rayonier in a research report on Thursday, April 16th. Citigroup decreased their target price on shares of Rayonier from $24.00 to $22.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. BMO Capital Markets lowered their target price on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research note on Tuesday, May 19th. Wall Street Zen raised shares of Rayonier from a "sell" rating to a "hold" rating in a report on Saturday, April 18th. Finally, Weiss Ratings lowered shares of Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $24.60.

Rayonier Company Profile

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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