Pinnacle Holdings LLC Takes Position in Rayonier Inc. $RYN

Key Points

• Pinnacle Holdings acquired 94,813 Rayonier shares during the second quarter, valued at approximately $2.02 million. Institutional investors now own 89.12% of the company, with major new positions from BlackRock and Norges Bank.
• Rayonier reported quarterly EPS of $0.10, in line with estimates, while revenue reached $396.5 million—up 272.3% year over year and above analyst expectations.
• The company declared a quarterly dividend of $0.26, or $1.04 annually, representing a 4.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.80.

Pinnacle Holdings LLC acquired a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 94,813 shares of the real estate investment trust's stock, valued at approximately $2,018,000.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Rayonier in the 2nd quarter worth about $617,451,000. Norges Bank purchased a new stake in shares of Rayonier during the 4th quarter valued at about $313,806,000. Deprince Race & Zollo Inc. bought a new stake in shares of Rayonier in the first quarter worth approximately $85,771,000. Fuller & Thaler Asset Management Inc. lifted its position in Rayonier by 232.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust's stock valued at $122,261,000 after purchasing an additional 3,947,226 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Rayonier in the second quarter worth approximately $52,572,000. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Performance

NYSE:RYN opened at $21.13 on Monday. The stock has a 50-day simple moving average of $21.49 and a two-hundred day simple moving average of $21.27. 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 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The firm has a market capitalization of $6.29 billion, a PE ratio of 46.96 and a beta of 0.87.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.10 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 last year, the company earned $0.06 earnings per share. The business's revenue for the quarter was up 272.3% compared to the same quarter last year. Analysts forecast that Rayonier Inc. will post 0.42 EPS for the current year.

Rayonier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio is currently 231.11%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RYN. BMO Capital Markets dropped their price target on Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research note on Tuesday, May 19th. Truist Financial cut their price target on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Finally, Citigroup upped their target price on shares of Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target 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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