Rayonier Inc. $RYN Shares Acquired by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Rayonier Inc. by 37.6% to approximately $42 million, owning over 1.5 million shares as of the last SEC filing.
• Rayonier recently reported earnings of $0.06 per share, which surpassed analysts' expectations, with a total revenue of $106.5 million for the quarter.
• The company declared a quarterly dividend of $0.2725 per share, representing an annualized yield of 4.2%, with an upcoming payment date on September 30th.

Millennium Management LLC lifted its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 37.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,506,506 shares of the real estate investment trust's stock after purchasing an additional 411,626 shares during the period. Millennium Management LLC owned about 0.97% of Rayonier worth $42,001,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RYN. American National Bank & Trust acquired a new position in shares of Rayonier during the first quarter worth $28,000. Elequin Capital LP bought a new stake in shares of Rayonier in the first quarter worth $30,000. Parallel Advisors LLC increased its stake in shares of Rayonier by 133.5% in the first quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock worth $31,000 after buying an additional 642 shares during the last quarter. GKV Capital Management Co. Inc. bought a new stake in shares of Rayonier in the first quarter worth $32,000. Finally, Byrne Asset Management LLC bought a new stake in shares of Rayonier in the first quarter worth $38,000. 89.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on RYN shares. Wall Street Zen upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada lifted their price target on shares of Rayonier from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Finally, Citigroup boosted their target price on shares of Rayonier from $26.00 to $27.00 and gave the company a "neutral" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $28.00.

Rayonier Stock Performance

Shares of RYN traded down $0.20 during midday trading on Monday, hitting $26.10. 232,082 shares of the stock traded hands, compared to its average volume of 1,089,183. Rayonier Inc. has a 1-year low of $21.84 and a 1-year high of $32.88. The firm has a market capitalization of $4.02 billion, a PE ratio of 5.27 and a beta of 1.01. The company has a debt-to-equity ratio of 0.37, a quick ratio of 3.38 and a current ratio of 3.50. The business's 50 day moving average price is $25.10 and its two-hundred day moving average price is $24.87.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $106.50 million during the quarter, compared to the consensus estimate of $95.30 million. Rayonier had a net margin of 68.53% and a return on equity of 3.39%. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 earnings per share. Equities research analysts predict that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.2725 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.09 annualized dividend and a yield of 4.2%. Rayonier's dividend payout ratio is presently 22.02%.

Rayonier 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.