Millennium Management LLC Increases Holdings in Rayonier Inc. (NYSE:RYN)

Millennium Management LLC grew its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 253.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,094,880 shares of the real estate investment trust's stock after purchasing an additional 784,955 shares during the period. Millennium Management LLC owned approximately 0.73% of Rayonier worth $28,576,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in Rayonier by 2.3% during the fourth quarter. Pacer Advisors Inc. now owns 19,993 shares of the real estate investment trust's stock worth $522,000 after acquiring an additional 442 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Rayonier by 59.7% during the fourth quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 525 shares during the last quarter. Covestor Ltd boosted its position in shares of Rayonier by 30.0% in the 4th quarter. Covestor Ltd now owns 2,317 shares of the real estate investment trust's stock worth $60,000 after purchasing an additional 535 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Rayonier in the 4th quarter worth approximately $25,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Rayonier by 0.6% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 179,080 shares of the real estate investment trust's stock worth $4,674,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 89.12% of the company's stock.

Analysts Set New Price Targets

RYN has been the topic of a number of analyst reports. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Raymond James raised 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. Truist Financial dropped their price target on Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. 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 report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.50.

Rayonier Stock Up 0.3%

RYN stock traded up $0.08 during midday trading on Thursday, hitting $23.36. The company's stock had a trading volume of 657,229 shares, compared to its average volume of 850,726. The company has a market cap of $3.64 billion, a PE ratio of 9.90 and a beta of 1.07. Rayonier Inc. has a 12 month low of $22.80 and a 12 month high of $31.29. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. The firm's 50-day moving average is $25.13 and its 200-day moving average is $26.82.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings data 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 business had revenue of $82.90 million during the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. The business's revenue was down 27.1% compared to the same quarter last year. During the same period last year, the company posted $0.01 earnings per share. On average, equities research analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a $0.2725 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.09 annualized dividend and a yield of 4.67%. Rayonier's dividend payout ratio (DPR) is presently 46.78%.

Rayonier Company 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.