Rayonier Inc. $RYN Shares Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Rayonier stake by 9.0% in the first quarter, purchasing 84,864 additional shares and bringing its holdings to 1.02 million shares valued at approximately $21.1 million. Institutional investors collectively own 89.12% of the company.
• Rayonier reported first-quarter EPS of $0.07, beating estimates by $0.01, while revenue rose 233.9% year over year to $276.79 million. The company also declared a quarterly dividend of $0.26 per share, representing a 4.7% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $24.60; recent target reductions placed estimates between $22 and $25.

Renaissance Technologies LLC lifted its holdings in Rayonier Inc. (NYSE:RYN - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,024,483 shares of the real estate investment trust's stock after purchasing an additional 84,864 shares during the period. Renaissance Technologies LLC owned about 0.34% of Rayonier worth $21,125,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new stake in Rayonier in the fourth quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Rayonier by 65.7% during 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 buying an additional 627 shares during the period. Hartford Financial Management Inc. raised its stake in shares of Rayonier by 49.7% during the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust's stock worth $37,000 after buying an additional 575 shares during the period. Bayban purchased a new position in shares of Rayonier during the 1st quarter valued at approximately $36,000. Finally, Whittier Trust Co. lifted its position in shares of Rayonier by 74.0% during the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 969 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Rayonier Trading Up 0.5%

Shares of Rayonier stock opened at $22.19 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. The stock's 50 day simple moving average is $21.26 and its 200-day simple moving average is $21.52. The stock has a market cap of $6.67 billion, a P/E ratio of 7.35 and a beta of 0.88. Rayonier Inc. has a 1-year low of $19.49 and a 1-year high of $27.33.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The firm had revenue of $276.79 million during the quarter, compared to analysts' expectations of $280.92 million. During the same quarter last year, the firm earned ($0.02) earnings per share. The business's revenue for the quarter was up 233.9% on a year-over-year basis. Analysts predict that Rayonier Inc. will post 0.36 EPS for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Wednesday, September 16th. Rayonier's payout ratio is currently 34.44%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RYN shares. Citigroup cut their price target on shares of Rayonier from $24.00 to $22.00 and set a "neutral" rating for the company in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Rayonier from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, May 12th. Royal Bank Of Canada set a $24.00 price target on shares of Rayonier in a research report on Thursday, April 16th. BMO Capital Markets decreased their price target on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research note on Tuesday, May 19th. Finally, Truist Financial lowered their price objective on Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $24.60.

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.

Want to see what other hedge funds are holding RYN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Inc. (NYSE:RYN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.