Rhumbline Advisers Buys 15,650 Shares of Rayonier Inc. (NYSE:RYN)

Rhumbline Advisers grew its holdings in Rayonier Inc. (NYSE:RYN - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 437,423 shares of the real estate investment trust's stock after acquiring an additional 15,650 shares during the quarter. Rhumbline Advisers owned 0.28% of Rayonier worth $12,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in Rayonier in the 4th quarter valued at approximately $343,007,000. Massachusetts Financial Services Co. MA raised its stake in shares of Rayonier by 0.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,372,817 shares of the real estate investment trust's stock valued at $88,031,000 after purchasing an additional 20,126 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Rayonier by 5.8% in the fourth quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust's stock valued at $81,101,000 after purchasing an additional 170,087 shares in the last quarter. Geode Capital Management LLC lifted its position in Rayonier by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 2,632,193 shares of the real estate investment trust's stock worth $68,719,000 after purchasing an additional 39,332 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rayonier by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust's stock worth $64,958,000 after buying an additional 46,956 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company's stock.

Rayonier Stock Down 0.1%

RYN traded down $0.02 during trading hours on Thursday, hitting $23.84. 558,047 shares of the company's stock were exchanged, compared to its average volume of 873,150. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 10.10 and a beta of 1.05. The stock's 50-day moving average is $24.00 and its two-hundred day moving average is $26.15. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. Rayonier Inc. has a 1-year low of $22.80 and a 1-year high of $31.29.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). Rayonier had a net margin of 28.44% and a return on equity of 3.86%. The company had revenue of $82.90 million for the quarter, compared to analyst estimates of $152.99 million. During the same period last year, the company posted $0.01 earnings per share. The business's revenue for the quarter was down 27.1% on a year-over-year basis. Sell-side analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.2725 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a yield of 4.57%. Rayonier's dividend payout ratio (DPR) is currently 46.78%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Truist Financial reduced their price objective on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Royal Bank of Canada cut their price target on shares of Rayonier from $28.00 to $27.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen upgraded Rayonier from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 target price for the company in a research report on Wednesday, March 12th. Finally, Citigroup decreased their price target on Rayonier from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $27.75.

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.