Price T Rowe Associates Inc. MD Sells 674,861 Shares of Rayonier Inc. $RYN

Key Points

• Price T Rowe Associates Inc. reduced its stake in Rayonier Inc. by 3.8%, holding approximately 10.90% of the company worth $473.4 million after the sale of 674,861 shares.
• Rayonier reported $0.06 earnings per share for the recent quarter, surpassing analysts' expectations, and its revenue increased by 6.9% year-over-year, reaching $106.5 million.
• The company announced a quarterly dividend of $0.2725 per share, which translates to a 4.0% yield, set to be paid on September 30th to shareholders of record on September 16th.

Price T Rowe Associates Inc. MD lessened its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,980,154 shares of the real estate investment trust's stock after selling 674,861 shares during the period. Price T Rowe Associates Inc. MD owned approximately 10.90% of Rayonier worth $473,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Securian Asset Management Inc. lifted its position in shares of Rayonier by 4.6% during the 1st quarter. Securian Asset Management Inc. now owns 10,603 shares of the real estate investment trust's stock worth $296,000 after buying an additional 466 shares during the last quarter. Shell Asset Management Co. raised its stake in Rayonier by 4.5% during the fourth quarter. Shell Asset Management Co. now owns 11,652 shares of the real estate investment trust's stock worth $304,000 after acquiring an additional 497 shares in the last quarter. Hollencrest Capital Management lifted its holdings in shares of Rayonier by 5.1% in the first quarter. Hollencrest Capital Management now owns 10,509 shares of the real estate investment trust's stock worth $293,000 after acquiring an additional 509 shares during the last quarter. Hamilton Point Investment Advisors LLC boosted its stake in shares of Rayonier by 4.5% in the 1st quarter. Hamilton Point Investment Advisors LLC now owns 13,183 shares of the real estate investment trust's stock valued at $368,000 after purchasing an additional 563 shares in the last quarter. Finally, Timber Creek Capital Management LLC grew its holdings in shares of Rayonier by 4.5% during the 1st quarter. Timber Creek Capital Management LLC now owns 13,957 shares of the real estate investment trust's stock valued at $389,000 after purchasing an additional 596 shares during the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Citigroup increased their price objective on shares of Rayonier from $26.00 to $27.00 and gave the company a "neutral" rating in a research note on Thursday, August 21st. Royal Bank Of Canada increased their price target on Rayonier from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Finally, Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Rayonier presently has a consensus rating of "Hold" and a consensus target price of $28.00.

Rayonier Trading Down 1.5%

NYSE:RYN traded down $0.40 during trading hours on Thursday, hitting $26.00. 233,255 shares of the company were exchanged, compared to its average volume of 1,100,667. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 5.25 and a beta of 1.00. The company has a current ratio of 3.50, a quick ratio of 3.38 and a debt-to-equity ratio of 0.37. Rayonier Inc. has a one year low of $21.84 and a one year high of $32.88. The company has a fifty day simple moving average of $24.24 and a 200 day simple moving average of $24.84.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Rayonier had a return on equity of 3.39% and a net margin of 68.53%.The company had revenue of $106.50 million during the quarter, compared to analysts' expectations of $95.30 million. During the same quarter in the prior year, the firm posted $0.02 earnings per share. The business's quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.2725 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.09 annualized dividend and a yield of 4.2%. Rayonier's dividend payout ratio is currently 22.02%.

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.