Rayonier Inc. $RYN Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management cut its stake in Rayonier by 18.0% in Q3, selling 533,572 shares and leaving it with 2,428,447 shares (about 1.58% of the company) valued at $64.45 million.
• Rayonier declared a quarterly dividend of $0.26 per share (record date Mar 17, pay date Mar 31), equal to a $1.04 annualized payout and a roughly 4.7% yield.
• Chairman Eric J. Cremers sold 169,200 shares for approximately $3.63 million, and the company reported Q results with EPS $0.20 (beating the $0.12 estimate) while revenue fell 24.4% year-over-year.

Victory Capital Management Inc. reduced its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 18.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,428,447 shares of the real estate investment trust's stock after selling 533,572 shares during the period. Victory Capital Management Inc. owned 1.58% of Rayonier worth $64,451,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Global Alpha Capital Management Ltd. raised its position in Rayonier by 22.1% in the second quarter. Global Alpha Capital Management Ltd. now owns 1,700,299 shares of the real estate investment trust's stock worth $37,713,000 after acquiring an additional 308,200 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Rayonier by 25.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,688,309 shares of the real estate investment trust's stock worth $81,807,000 after acquiring an additional 754,076 shares during the last quarter. Bayforest Capital Ltd acquired a new position in shares of Rayonier in the 3rd quarter worth $674,000. Prudential Financial Inc. lifted its holdings in shares of Rayonier by 102.7% during the second quarter. Prudential Financial Inc. now owns 156,988 shares of the real estate investment trust's stock valued at $3,482,000 after purchasing an additional 79,553 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co acquired a new position in shares of Rayonier in the 2nd quarter valued at $542,000. Institutional investors and hedge funds own 89.12% of the company's stock.

Rayonier Stock Performance

Shares of NYSE RYN opened at $21.94 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.26 and a quick ratio of 3.23. Rayonier Inc. has a one year low of $20.75 and a one year high of $28.31. The business's 50-day moving average price is $22.69 and its two-hundred day moving average price is $23.61. The company has a market capitalization of $6.63 billion, a P/E ratio of 7.19 and a beta of 0.98.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The real estate investment trust reported $0.20 EPS for the quarter, beating the consensus estimate of $0.12 by $0.08. The business had revenue of $117.50 million during the quarter, compared to analysts' expectations of $108.71 million. Rayonier had a return on equity of 4.09% and a net margin of 97.94%.The firm's quarterly revenue was down 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. Analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 17th. This represents a $1.04 annualized dividend and a dividend yield of 4.7%. Rayonier's dividend payout ratio is 35.74%.

Insider Buying and Selling at Rayonier

In related news, Chairman Eric J. Cremers sold 169,200 shares of Rayonier stock in a transaction on Friday, February 27th. The shares were sold at an average price of $21.44, for a total value of $3,627,648.00. Following the completion of the sale, the chairman owned 709,583 shares of the company's stock, valued at approximately $15,213,459.52. The trade was a 19.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RYN. Truist Financial cut their price objective on Rayonier from $28.00 to $26.00 and set a "hold" rating on the stock in a report on Tuesday, January 6th. Raymond James Financial upgraded shares of Rayonier from an "outperform" rating to a "strong-buy" rating and boosted their price target for the company from $26.00 to $28.00 in a report on Friday, February 13th. Royal Bank Of Canada lifted their price objective on shares of Rayonier from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Tuesday, February 17th. Wall Street Zen lowered Rayonier from a "hold" rating to a "sell" rating in a report on Saturday, February 28th. Finally, Citigroup lowered their price target on Rayonier from $27.00 to $24.00 and set a "neutral" rating on the stock in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $26.00.

About Rayonier

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.

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