Freestone Grove Partners LP Invests $1.67 Million in Rayonier Inc. $RYN

Key Points

• Freestone Grove Partners acquired 78,256 Rayonier shares worth approximately $1.67 million, while institutional investors collectively own 89.12% of the company.
• Rayonier reported quarterly EPS of $0.10, in line with estimates, while revenue reached $396.51 million—up 272.3% year over year and above analyst expectations.
• Shares opened at $20.40, near the lower end of their 12-month range. The company declared a quarterly dividend of $0.26, representing a 5.1% yield, while analysts maintain a consensus “Hold” rating with a $24.80 price target.

Freestone Grove Partners LP bought a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 78,256 shares of the real estate investment trust's stock, valued at approximately $1,665,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in Rayonier by 29.6% during the first quarter. Royal Bank of Canada now owns 159,116 shares of the real estate investment trust's stock valued at $4,436,000 after purchasing an additional 36,344 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Rayonier during the first quarter worth about $501,000. United Services Automobile Association purchased a new stake in shares of Rayonier during the first quarter worth about $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Rayonier by 30.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 554,628 shares of the real estate investment trust's stock worth $15,463,000 after purchasing an additional 130,985 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Rayonier by 16.9% in the 2nd quarter. Invesco Ltd. now owns 863,707 shares of the real estate investment trust's stock valued at $19,157,000 after buying an additional 124,574 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Rayonier Stock Down 1.1%

Shares of NYSE RYN opened at $20.40 on Friday. The stock has a market cap of $6.07 billion, a PE ratio of 45.33 and a beta of 0.87. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36. Rayonier Inc. has a 12-month low of $19.49 and a 12-month high of $27.06. The company has a 50-day moving average of $21.47 and a 200 day moving average of $21.22.

Rayonier (NYSE:RYN - Get Free Report) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates of $0.10. The business had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The business's revenue was up 272.3% on a year-over-year basis. During the same period last year, the company posted $0.06 EPS. As a group, sell-side analysts predict that Rayonier Inc. will post 0.44 EPS for the current fiscal year.

Rayonier Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio (DPR) is currently 231.11%.

Wall Street Analysts Forecast Growth

Several research firms have commented on RYN. Weiss Ratings upgraded Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. BMO Capital Markets decreased 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. Citigroup lifted their price target on Rayonier from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Finally, Truist Financial dropped their price target on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus 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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