California State Teachers Retirement System Buys 186,683 Shares of Rayonier Inc. $RYN

Key Points

• California State Teachers Retirement System more than doubled its Rayonier stake in the first quarter, adding 186,683 shares to own 337,049 shares valued at approximately $6.95 million. Institutional investors collectively hold 89.12% of RYN.
• Rayonier reported quarterly revenue of $396.5 million, up 272.3% year over year and above estimates, while earnings of $0.10 per share matched consensus expectations.
• The company declared a quarterly dividend of $0.26 per share, equating to $1.04 annually and a 4.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.60, compared with the stock’s $21.99 price.

California State Teachers Retirement System grew its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 124.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 337,049 shares of the real estate investment trust's stock after purchasing an additional 186,683 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Rayonier worth $6,950,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RYN. Royal Bank of Canada boosted its holdings in Rayonier by 111.8% during the 1st quarter. Royal Bank of Canada now owns 592,576 shares of the real estate investment trust's stock worth $12,219,000 after acquiring an additional 312,834 shares during the last quarter. Empowered Funds LLC purchased a new stake in Rayonier in the 1st quarter valued at about $246,000. The Manufacturers Life Insurance Company lifted its position in shares of Rayonier by 114.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 802,279 shares of the real estate investment trust's stock worth $16,543,000 after buying an additional 428,502 shares in the last quarter. Troluce Capital Advisors LLC bought a new position in shares of Rayonier during the 1st quarter worth approximately $8,970,000. Finally, Bradley Foster & Sargent Inc. CT bought a new position in shares of Rayonier in the first quarter valued at approximately $208,000. Hedge funds and other institutional investors own 89.12% of the company's stock.

Rayonier Trading Up 0.3%

Shares of RYN stock opened at $21.99 on Thursday. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 7.28 and a beta of 0.87. The company's fifty day simple moving average is $21.38 and its two-hundred day simple moving average is $21.45. Rayonier Inc. has a 1 year low of $19.49 and a 1 year high of $27.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21.

Rayonier (NYSE:RYN - Get Free Report) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The business had revenue of $396.50 million during the quarter, compared to the consensus estimate of $374.28 million. During the same quarter last year, the company earned $0.06 EPS. The firm's revenue was up 272.3% compared to the same quarter last year. As a group, analysts anticipate that Rayonier Inc. will post 0.39 earnings per share for the current year.

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 annualized dividend and a yield of 4.7%. Rayonier's dividend payout ratio (DPR) is currently 34.44%.

Wall Street Analysts Forecast Growth

RYN has been the subject of a number of recent analyst reports. BMO Capital Markets reduced their price objective on Rayonier from $26.00 to $25.00 and set a "market perform" rating for the company in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, May 12th. Wall Street Zen upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. Citigroup lowered their price objective on shares of Rayonier from $24.00 to $22.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 13th. Finally, Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $24.60.

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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