BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 971,167 Shares of Rayonier Inc. $RYN

Key Points

• British Columbia Investment Management Corp increased its stake in Rayonier Inc. by 30% in Q1, acquiring an additional 971,167 shares and making Rayonier its 24th largest position.
• Rayonier reported earnings of $0.06 per share for the recent quarter, surpassing analysts' expectations, with a revenue increase of 6.9% year-over-year.
• The company has announced a quarterly dividend of $0.2725 per share, representing an annual yield of 4.0%, with a payout ratio of 22.02%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 30.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,203,552 shares of the real estate investment trust's stock after acquiring an additional 971,167 shares during the quarter. Rayonier comprises about 0.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's investment portfolio, making the stock its 24th biggest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 2.70% of Rayonier worth $117,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of RYN. American National Bank & Trust bought a new stake in Rayonier during the 1st quarter valued at $28,000. Elequin Capital LP purchased a new position in shares of Rayonier in the 1st quarter valued at about $30,000. Parallel Advisors LLC increased its stake in Rayonier by 133.5% during the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock worth $31,000 after buying an additional 642 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new stake in Rayonier during the 1st quarter worth approximately $32,000. Finally, Byrne Asset Management LLC acquired a new position in shares of Rayonier during the 1st quarter worth approximately $38,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Stock Performance

Shares of RYN stock opened at $27.1330 on Friday. Rayonier Inc. has a 12 month low of $21.84 and a 12 month high of $32.88. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.50 and a quick ratio of 3.38. The firm has a market capitalization of $4.18 billion, a P/E ratio of 5.48 and a beta of 1.00. The company's fifty day moving average price is $24.00 and its two-hundred day moving average price is $24.83.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The firm had revenue of $106.50 million for the quarter, compared to analysts' expectations of $95.30 million. Rayonier had a return on equity of 3.39% and a net margin of 68.53%.Rayonier's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 earnings per share. On average, research analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.2725 per share. The ex-dividend date is Tuesday, September 16th. This represents a $1.09 annualized dividend and a dividend yield of 4.0%. Rayonier's payout ratio is currently 22.02%.

Wall Street Analyst Weigh In

A number of research firms recently commented on RYN. Citigroup upped their price objective on Rayonier from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Thursday. Royal Bank Of Canada increased their target price on Rayonier from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, August 8th. Finally, Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $28.00.

Rayonier Company Profile

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.

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