24,855 Shares in Rayonier Inc. (NYSE:RYN) Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in shares of Rayonier Inc. (NYSE:RYN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,855 shares of the real estate investment trust's stock, valued at approximately $693,000.

Several other hedge funds have also recently bought and sold shares of the company. Old Port Advisors increased its position in Rayonier by 3.7% during the first quarter. Old Port Advisors now owns 72,043 shares of the real estate investment trust's stock worth $2,009,000 after buying an additional 2,562 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Rayonier during the first quarter worth $23,582,000. Allianz Asset Management GmbH acquired a new stake in shares of Rayonier during the first quarter worth $657,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Rayonier by 4.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 51,579 shares of the real estate investment trust's stock worth $1,438,000 after purchasing an additional 2,208 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new stake in shares of Rayonier during the first quarter worth $218,000. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Stock Up 1.1%

NYSE:RYN traded up $0.26 during trading hours on Friday, reaching $24.12. The company's stock had a trading volume of 864,892 shares, compared to its average volume of 1,168,851. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 10.35 and a beta of 1.02. Rayonier Inc. has a one year low of $21.84 and a one year high of $32.88. The business's 50-day moving average is $23.32 and its 200-day moving average is $24.94. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.71 and a quick ratio of 2.60.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Rayonier had a net margin of 30.09% and a return on equity of 3.29%. The firm had revenue of $82.90 million for the quarter, compared to the consensus estimate of $152.99 million. During the same quarter last year, the company earned $0.01 earnings per share. The firm's revenue was down 27.1% on a year-over-year basis. Equities research analysts predict that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.2725 dividend. This represents a $1.09 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend is Tuesday, September 16th. Rayonier's payout ratio is presently 46.78%.

Wall Street Analyst Weigh In

RYN has been the topic of a number of recent research reports. Royal Bank Of Canada reduced their price objective on Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Truist Financial reduced their price objective on Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Citigroup dropped their price target on Rayonier from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Rayonier from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $27.75.

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.