Pictet Asset Management Holding SA Sells 449,350 Shares of Rayonier Inc. $RYN

Pictet Asset Management Holding SA cut its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 11.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,462,345 shares of the real estate investment trust's stock after selling 449,350 shares during the period. Pictet Asset Management Holding SA owned approximately 2.25% of Rayonier worth $74,960,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RYN. Royal Bank of Canada boosted its stake 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 buying an additional 36,344 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Rayonier during the first quarter valued at approximately $501,000. United Services Automobile Association bought a new position in Rayonier during the first quarter valued at approximately $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Rayonier by 30.9% during the first 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 valued at $15,463,000 after buying an additional 130,985 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Rayonier by 16.9% during the second 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 during the last quarter. 89.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RYN has been the subject of several analyst reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Rayonier in a research note on Friday, March 27th. Royal Bank Of Canada set a $24.00 price objective on Rayonier in a research note on Thursday, April 16th. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. Truist Financial lowered their price objective on Rayonier from $28.00 to $26.00 and set a "hold" rating for the company in a research note on Tuesday, January 6th. Finally, Raymond James Financial raised Rayonier from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from $26.00 to $28.00 in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $25.50.

Insider Buying and Selling

In related news, CFO Wayne Wasechek sold 2,920 shares of the firm's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the sale, the chief financial officer directly owned 115,530 shares of the company's stock, valued at approximately $2,445,770.10. This trade represents a 2.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Eric J. Cremers sold 169,200 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $21.44, for a total value of $3,627,648.00. Following the sale, the chairman directly owned 709,583 shares of the company's stock, valued at $15,213,459.52. This represents a 19.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by company insiders.

Rayonier Price Performance

Shares of RYN stock opened at $21.49 on Wednesday. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.23 and a current ratio of 3.26. The firm has a market capitalization of $6.49 billion, a P/E ratio of 7.04 and a beta of 0.97. The stock has a 50 day moving average price of $21.10 and a 200 day moving average price of $22.09.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, topping 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 period last year, the company earned $0.24 EPS. Rayonier's quarterly revenue was down 24.4% compared to the same quarter last year. As a group, sell-side analysts predict that Rayonier Inc. will post 0.42 earnings per share for the current year.

Rayonier Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Tuesday, March 17th. Rayonier's dividend payout ratio (DPR) is currently 34.10%.

About Rayonier

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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