Millennium Management LLC Raises Position in Rayonier Inc. (NYSE:RYN)

Millennium Management LLC boosted its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 253.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,094,880 shares of the real estate investment trust's stock after buying an additional 784,955 shares during the quarter. Millennium Management LLC owned approximately 0.73% of Rayonier worth $28,576,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RYN. Norges Bank bought a new position in Rayonier during the 4th quarter worth $343,007,000. Deutsche Bank AG lifted its holdings in shares of Rayonier by 730.8% during the 4th quarter. Deutsche Bank AG now owns 1,829,422 shares of the real estate investment trust's stock worth $47,748,000 after acquiring an additional 1,609,232 shares during the period. Franklin Resources Inc. bought a new stake in shares of Rayonier in the fourth quarter worth $30,935,000. Northern Trust Corp increased its position in shares of Rayonier by 17.9% during the fourth quarter. Northern Trust Corp now owns 1,543,523 shares of the real estate investment trust's stock worth $40,286,000 after buying an additional 234,629 shares during the period. Finally, ExodusPoint Capital Management LP bought a new position in shares of Rayonier during the 4th quarter valued at approximately $4,726,000. 89.12% of the stock is owned by institutional investors and hedge funds.

Rayonier Stock Performance

Rayonier stock traded down $0.03 during midday trading on Friday, hitting $23.31. The company's stock had a trading volume of 569,491 shares, compared to its average volume of 853,883. The company has a 50-day moving average price of $25.04 and a two-hundred day moving average price of $26.70. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 9.88 and a beta of 1.07. Rayonier Inc. has a 1-year low of $22.80 and a 1-year high of $31.29.

Rayonier (NYSE:RYN - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.10). The company had revenue of $82.90 million for the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. The business's revenue was down 27.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.01 EPS. As a group, sell-side analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Monday, June 16th. Rayonier's payout ratio is currently 46.78%.

Wall Street Analyst Weigh In

RYN has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Truist Financial cut their price objective on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price target on the stock in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price target on Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Rayonier presently has a consensus rating of "Hold" and a consensus price target of $27.50.

About Rayonier

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.