Parvin Asset Management LLC Acquires New Stake in Rayonier Inc. $RYN

Key Points

• Parvin Asset Management acquired 52,363 Rayonier shares during the second quarter, worth approximately $1.1 million. Institutional investors collectively own 89.12% of the timberland REIT.
• Rayonier reported quarterly revenue of $396.5 million, up 272.3% year over year, while EPS of $0.10 matched analysts’ expectations. Shares opened at $20.85, near the lower end of their 12-month range.
• The company declared a quarterly dividend of $0.26 per share, equivalent to a 5.0% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.80.

Parvin Asset Management LLC acquired a new position in Rayonier Inc. (NYSE:RYN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 52,363 shares of the real estate investment trust's stock, valued at approximately $1,114,000.

Several other hedge funds have also recently added to or reduced their stakes in RYN. Quarry LP increased its position in shares of Rayonier by 19.8% during the fourth quarter. Quarry LP now owns 3,012 shares of the real estate investment trust's stock worth $65,000 after buying an additional 498 shares during the period. Greenwood Gearhart Inc. raised its position in shares of Rayonier by 4.9% in the 4th quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust's stock worth $234,000 after acquiring an additional 502 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Rayonier by 65.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 627 shares in the last quarter. Keybank National Association OH lifted its stake in shares of Rayonier by 4.4% in the 4th quarter. Keybank National Association OH now owns 15,641 shares of the real estate investment trust's stock valued at $339,000 after purchasing an additional 656 shares during the period. Finally, Painted Porch Advisors LLC boosted its position in shares of Rayonier by 4.9% during the 4th quarter. Painted Porch Advisors LLC now owns 14,421 shares of the real estate investment trust's stock valued at $312,000 after purchasing an additional 671 shares in the last quarter. Institutional investors own 89.12% of the company's stock.

Rayonier Trading Down 1.9%

NYSE:RYN opened at $20.85 on Thursday. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.06. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36. The firm's 50 day moving average is $21.48 and its 200 day moving average is $21.24. The stock has a market capitalization of $6.20 billion, a PE ratio of 46.33 and a beta of 0.87.

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

Rayonier Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 annualized dividend and a dividend yield of 5.0%. Rayonier's dividend payout ratio (DPR) is 231.11%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. BMO Capital Markets reduced their price objective on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating for the company in a report on Tuesday, May 19th. Truist Financial lowered their target price on shares of Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a report on Wednesday, July 15th. Finally, Citigroup raised their price target on shares of Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Rayonier has an average rating of "Hold" and a consensus target price of $24.80.

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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