Millennium Management LLC Purchases 411,626 Shares of Rayonier Inc. $RYN

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

Several other institutional investors have also added to or reduced their stakes in RYN. Cubist Systematic Strategies LLC bought a new stake in shares of Rayonier during the fourth quarter valued at about $176,000. Deutsche Bank AG increased its position in shares of Rayonier by 730.8% during the fourth quarter. Deutsche Bank AG now owns 1,829,422 shares of the real estate investment trust's stock valued at $47,748,000 after buying an additional 1,609,232 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of Rayonier by 12.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 114,613 shares of the real estate investment trust's stock valued at $2,991,000 after buying an additional 12,700 shares during the period. First Manhattan CO. LLC. increased its position in shares of Rayonier by 28.5% during the fourth quarter. First Manhattan CO. LLC. now owns 10,395 shares of the real estate investment trust's stock valued at $271,000 after buying an additional 2,306 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Rayonier during the fourth quarter valued at about $845,000. 89.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Rayonier Stock Down 1.7%

Rayonier stock traded down $0.47 on Friday, hitting $26.31. 816,283 shares of the stock traded hands, compared to its average volume of 877,302. Rayonier Inc. has a 1 year low of $21.84 and a 1 year high of $32.88. The company has a current ratio of 3.50, a quick ratio of 3.38 and a debt-to-equity ratio of 0.37. The business's fifty day simple moving average is $25.10 and its 200 day simple moving average is $24.89. The firm has a market cap of $4.06 billion, a P/E ratio of 5.31 and a beta of 1.01.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Rayonier had a return on equity of 3.39% and a net margin of 68.53%.The firm had revenue of $106.50 million during the quarter, compared to the consensus estimate of $95.30 million. During the same period last year, the company earned $0.02 earnings per share. The company's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Tuesday, September 16th. Rayonier's payout ratio is currently 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.