Third Avenue Management LLC Sells 57,301 Shares of Rayonier Inc. $RYN

Key Points

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Third Avenue Management LLC lowered its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 18.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,499 shares of the real estate investment trust's stock after selling 57,301 shares during the quarter. Rayonier comprises approximately 1.4% of Third Avenue Management LLC's investment portfolio, making the stock its 26th biggest position. Third Avenue Management LLC owned about 0.17% of Rayonier worth $7,207,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RYN. Deutsche Bank AG grew its position in Rayonier by 730.8% during the fourth quarter. Deutsche Bank AG now owns 1,829,422 shares of the real estate investment trust's stock worth $47,748,000 after buying an additional 1,609,232 shares in the last quarter. Nuveen LLC acquired a new stake in Rayonier during the first quarter worth approximately $26,187,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Rayonier during the first quarter worth approximately $23,582,000. Millennium Management LLC grew its position in Rayonier by 253.3% during the fourth quarter. Millennium Management LLC now owns 1,094,880 shares of the real estate investment trust's stock worth $28,576,000 after buying an additional 784,955 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Rayonier by 2.2% during the first quarter. Vanguard Group Inc. now owns 20,862,953 shares of the real estate investment trust's stock worth $581,659,000 after buying an additional 456,363 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RYN shares. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Royal Bank Of Canada upped their target price on Rayonier from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Finally, Citigroup upped their target price on Rayonier from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday. 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 has a consensus rating of "Hold" and a consensus price target of $28.00.

Rayonier Price Performance

NYSE RYN traded up $0.5130 on Friday, hitting $27.1330. 951,345 shares of the company's stock were exchanged, compared to its average volume of 1,079,421. The stock has a 50-day moving average of $24.00 and a 200-day moving average of $24.81. 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 52 week low of $21.84 and a 52 week high of $32.88. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 5.48 and a beta of 1.00.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. The company had revenue of $106.50 million during the quarter, compared to analysts' expectations of $95.30 million. Rayonier had a return on equity of 3.39% and a net margin of 68.53%.Rayonier's revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 EPS. Analysts expect that Rayonier Inc. will post 0.55 earnings per share for the current 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 given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 16th. Rayonier's dividend payout ratio (DPR) is currently 22.02%.

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.