Concentric Capital Strategies LP Sells 787,556 Shares of Rayonier Inc. $RYN

Key Points

• Concentric Capital Strategies LP cut its Rayonier stake by 77.6% in the fourth quarter, selling 787,556 shares and leaving it with 227,288 shares worth about $4.9 million.
• Rayonier’s latest quarterly results showed EPS of $0.07, topping analyst expectations, while revenue came in slightly below estimates at $276.8 million; the company also reported strong year-over-year revenue growth.
• The company declared a quarterly dividend of $0.26 per share, equal to an annualized yield of about 5.0%, though Wall Street currently rates the stock a Hold with an average price target of $24.80.

Concentric Capital Strategies LP reduced its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 77.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 227,288 shares of the real estate investment trust's stock after selling 787,556 shares during the period. Concentric Capital Strategies LP owned approximately 0.14% of Rayonier worth $4,921,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RYN. Vanguard Group Inc. raised its stake in Rayonier by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 21,174,792 shares of the real estate investment trust's stock valued at $458,434,000 after purchasing an additional 444,503 shares in the last quarter. Norges Bank purchased a new position in shares of Rayonier during the fourth quarter valued at approximately $313,806,000. Cohen & Steers Inc. boosted its holdings in Rayonier by 5.6% during the 4th quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust's stock valued at $293,332,000 after acquiring an additional 717,021 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Rayonier by 232.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust's stock worth $122,261,000 after purchasing an additional 3,947,226 shares during the last quarter. Finally, State Street Corp grew its stake in Rayonier by 5.0% in the 4th quarter. State Street Corp now owns 4,779,300 shares of the real estate investment trust's stock worth $103,472,000 after acquiring an additional 226,012 shares in the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rayonier

In other news, CFO Wayne Wasechek sold 2,920 shares of the firm's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the sale, the chief financial officer owned 115,530 shares in the company, valued at $2,445,770.10. This trade represents a 2.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.84% of the stock is currently owned by company insiders.

Rayonier Price Performance

Rayonier stock opened at $20.75 on Thursday. The company has a fifty day simple moving average of $20.87 and a 200-day simple moving average of $21.58. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $6.24 billion, a price-to-earnings ratio of 6.87 and a beta of 0.88. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.01. The company had revenue of $276.79 million during the quarter, compared to the consensus estimate of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. Rayonier's quarterly revenue was up 233.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) EPS. On average, equities analysts anticipate that Rayonier Inc. will post 0.36 EPS for the current fiscal year.

Rayonier Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.0%. Rayonier's dividend payout ratio is currently 34.44%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RYN shares. Weiss Ratings downgraded Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, May 12th. Royal Bank Of Canada set a $24.00 price objective on Rayonier in a research report on Thursday, April 16th. Citigroup cut their price target on shares of Rayonier from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. BMO Capital Markets dropped their target price on Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research report on Tuesday, May 19th. Finally, Truist Financial increased their price target on Rayonier from $24.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, May 11th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $24.80.

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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