BlackRock Inc. Invests $617.45 Million in Rayonier Inc. $RYN

Key Points

• BlackRock acquired 29.0 million Rayonier shares worth approximately $617.5 million, giving it a 9.65% stake. Institutional investors collectively own 89.12% of the timberland REIT.
• Analysts remain cautious, with an average rating of “Hold” and an average price target of $24.80; recent targets range from $23 to $25.
• Rayonier reported quarterly revenue of $396.5 million, up 272.3% year over year, while earnings of $0.10 per share matched estimates. The company declared a quarterly dividend of $0.26, implying a 4.9% annualized yield.

BlackRock Inc. purchased a new stake in Rayonier Inc. (NYSE:RYN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,015,536 shares of the real estate investment trust's stock, valued at approximately $617,451,000. BlackRock Inc. owned approximately 9.65% of Rayonier at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Rayonier by 141.8% in the first quarter. Bank of America Corp DE now owns 1,620,769 shares of the real estate investment trust's stock worth $33,420,000 after acquiring an additional 950,473 shares during the period. UBS Group AG boosted its holdings in Rayonier by 882.5% during the 4th quarter. UBS Group AG now owns 496,024 shares of the real estate investment trust's stock valued at $10,739,000 after acquiring an additional 445,538 shares during the period. Fieldview Capital Management LLC acquired a new position in Rayonier in the 4th quarter valued at about $1,936,000. World Investment Advisors purchased a new stake in Rayonier during the first quarter worth about $6,980,000. Finally, Vestcor Inc increased its stake in Rayonier by 3,590.1% during the fourth quarter. Vestcor Inc now owns 128,231 shares of the real estate investment trust's stock worth $2,776,000 after purchasing an additional 124,756 shares during the period. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Citigroup upped their price objective on shares of Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Truist Financial cut their price target on Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a research report on Wednesday, July 15th. 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. Finally, Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $24.80.

Rayonier Stock Down 0.3%

Shares of Rayonier stock opened at $21.13 on Monday. Rayonier Inc. has a one year low of $19.49 and a one year high of $27.33. The company has a market cap of $6.29 billion, a P/E ratio of 46.96 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The firm has a fifty day moving average of $21.49 and a two-hundred day moving average of $21.27.

Rayonier (NYSE:RYN - Get Free Report) last issued its 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. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The business had revenue of $396.51 million for the quarter, compared to the consensus estimate of $374.28 million. During the same quarter in the previous year, the firm earned $0.06 earnings per share. The business's quarterly revenue was up 272.3% compared to the same quarter last year. On average, analysts forecast that Rayonier Inc. will post 0.42 earnings per share for the current year.

Rayonier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's payout ratio is currently 231.11%.

Rayonier 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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