JPMorgan Chase & Co. Increases Stock Position in Rayonier Inc. $RYN

Key Points

• JPMorgan Chase & Co. increased its stake in Rayonier by 2.5% in the third quarter to 3,782,342 shares, roughly 2.46% of the company worth about $100.38 million.
• Chairman Eric J. Cremers sold 169,200 shares on Feb. 27 for ~$3.63 million, cutting his position by 19.25%; company insiders now own about 0.83% of the stock.
• Rayonier reported Q earnings of $0.20/share versus $0.12 expected and revenue of $117.5M (down 24.4% YoY), declared a quarterly dividend of $0.26 (annualized $1.04, yield 5.1%), and holds a Street consensus rating of Hold with an average price target of $26.00.

JPMorgan Chase & Co. boosted its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,782,342 shares of the real estate investment trust's stock after purchasing an additional 94,033 shares during the period. JPMorgan Chase & Co. owned approximately 2.46% of Rayonier worth $100,383,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cary Street Partners Financial LLC boosted its stake in shares of 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 worth $752,000 after buying an additional 510 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Rayonier by 2.2% during 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 purchasing an additional 514 shares during the period. Arizona State Retirement System increased its position in shares of Rayonier by 1.2% during the 3rd quarter. Arizona State Retirement System now owns 43,791 shares of the real estate investment trust's stock valued at $1,162,000 after purchasing an additional 525 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Rayonier by 1.0% in the 3rd quarter. Amalgamated Bank now owns 65,401 shares of the real estate investment trust's stock worth $1,736,000 after purchasing an additional 654 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Rayonier by 55.5% in the third quarter. Blue Trust Inc. now owns 1,913 shares of the real estate investment trust's stock worth $51,000 after buying an additional 683 shares during the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rayonier

In other news, Chairman Eric J. Cremers sold 169,200 shares of the company's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $21.44, for a total transaction of $3,627,648.00. Following the sale, the chairman directly owned 709,583 shares in the company, valued at approximately $15,213,459.52. This represents a 19.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.83% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RYN shares. Truist Financial dropped their price target on shares of Rayonier from $28.00 to $26.00 and set a "hold" rating on the stock in a research note on Tuesday, January 6th. Raymond James Financial raised Rayonier from an "outperform" rating to a "strong-buy" rating and boosted their price target for the company from $26.00 to $28.00 in a report on Friday, February 13th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Rayonier in a research note on Monday, December 29th. Royal Bank Of Canada lifted their price objective on Rayonier from $25.00 to $26.00 and gave the company a "sector perform" rating in a research report on Tuesday, February 17th. Finally, Wall Street Zen downgraded Rayonier from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Rayonier presently has a consensus rating of "Hold" and an average price target of $26.00.

Rayonier Trading Up 0.4%

Rayonier stock opened at $20.38 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.26 and a quick ratio of 3.23. The stock has a market cap of $6.16 billion, a P/E ratio of 6.68 and a beta of 0.98. The firm's 50 day moving average price is $22.50 and its 200-day moving average price is $23.23. Rayonier Inc. has a 1 year low of $20.02 and a 1 year high of $28.31.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. Rayonier had a return on equity of 4.09% and a net margin of 97.94%.The firm had revenue of $117.50 million during the quarter, compared to analyst estimates of $108.71 million. During the same quarter last year, the business posted $0.24 earnings per share. The business's quarterly revenue was down 24.4% compared to the same quarter last year. On average, equities analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, March 17th. Rayonier's dividend payout ratio (DPR) is presently 35.74%.

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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