Convergence Investment Partners LLC Has $2.18 Million Stock Position in Rayonier Inc. $RYN

Key Points

• Convergence Investment Partners sharply increased its Rayonier stake by 494.1% in Q4, ending with 100,900 shares valued at about $2.18 million.
• Rayonier reported Q1 earnings of $0.07 per share, beating estimates, though revenue of $276.79 million came in slightly below expectations. The company also said analysts now expect $0.36 EPS for the current fiscal year.
• Insider activity included large sales by Chairman Eric J. Cremers and CFO Wayne Wasechek, while Rayonier maintained a $0.26 quarterly dividend that annualizes to a 5.2% yield. Analysts currently have a Hold consensus with an average price target of $24.75.

Convergence Investment Partners LLC lifted its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 494.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 100,900 shares of the real estate investment trust's stock after buying an additional 83,915 shares during the quarter. Convergence Investment Partners LLC owned about 0.06% of Rayonier worth $2,184,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Baker Ellis Asset Management LLC lifted its holdings in shares of Rayonier by 3.8% during the fourth quarter. Baker Ellis Asset Management LLC now owns 12,942 shares of the real estate investment trust's stock worth $280,000 after buying an additional 469 shares in the last quarter. Bfsg LLC lifted its holdings in shares of Rayonier by 0.6% during the fourth quarter. Bfsg LLC now owns 78,219 shares of the real estate investment trust's stock worth $1,693,000 after buying an additional 492 shares in the last quarter. Greenwood Gearhart Inc. lifted its holdings in shares of Rayonier by 4.9% during the fourth quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust's stock worth $234,000 after buying an additional 502 shares in the last quarter. Cary Street Partners Financial LLC raised its holdings in Rayonier by 1.8% in the 3rd quarter. Cary Street Partners Financial LLC now owns 28,345 shares of the real estate investment trust's stock valued at $752,000 after acquiring an additional 510 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Rayonier by 2.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 24,299 shares of the real estate investment trust's stock valued at $645,000 after acquiring an additional 514 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Insider Transactions at Rayonier

In other Rayonier news, Chairman Eric J. Cremers sold 169,200 shares of the company's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $21.44, for a total value of $3,627,648.00. Following the completion of the transaction, the chairman owned 709,583 shares of the company's stock, valued at $15,213,459.52. This represents a 19.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Wayne Wasechek sold 2,920 shares of the company's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $21.17, for a total value of $61,816.40. Following the completion of the transaction, the chief financial officer directly owned 115,530 shares of the company's stock, valued at approximately $2,445,770.10. The trade was a 2.47% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. 0.85% of the stock is owned by corporate insiders.

Rayonier Price Performance

Rayonier stock opened at $19.82 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.23 and a current ratio of 2.53. Rayonier Inc. has a 52 week low of $19.49 and a 52 week high of $27.33. The stock has a market capitalization of $5.96 billion, a P/E ratio of 6.56 and a beta of 0.90. The stock has a fifty day moving average of $20.77 and a 200-day moving average of $21.80.

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

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 17th. This represents a $1.04 dividend on an annualized basis and a yield of 5.2%. Rayonier's payout ratio is currently 34.44%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings cut Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday. Truist Financial lifted their price objective on Rayonier from $24.00 to $25.00 and gave the company a "hold" rating in a report on Monday, May 11th. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a report on Saturday, April 18th. Citigroup dropped their price objective on Rayonier from $24.00 to $22.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, Royal Bank Of Canada set a $24.00 price objective on Rayonier in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Rayonier has a consensus rating of "Hold" and an average price target of $24.75.

Rayonier Company 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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