UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stock Holdings in Rayonier Inc. $RYN

Key Points

• UBS Asset Management increased its Rayonier stake by 5.9% in the second quarter, adding 76,021 shares to own 1.36 million shares valued at approximately $28.9 million. Institutional investors collectively own 89.12% of the timberland REIT.
• Rayonier reported quarterly earnings of $0.10 per share, in line with estimates, while revenue of $396.5 million exceeded expectations and rose 272.3% year over year.
• The company declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 payout and a 5.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.80, versus a recent share price of $20.25.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 5.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,358,814 shares of the real estate investment trust's stock after acquiring an additional 76,021 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.46% of Rayonier worth $28,916,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RYN. BlackRock Inc. purchased a new stake in Rayonier during the 2nd quarter valued at $617,451,000. Norges Bank purchased a new position in shares of Rayonier in the fourth quarter worth $313,806,000. Legal & General Group Plc bought a new position in shares of Rayonier during the second quarter valued at $213,574,000. Deprince Race & Zollo Inc. bought a new position in shares of Rayonier during the first quarter valued at $85,771,000. Finally, Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Rayonier by 232.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust's stock valued at $122,261,000 after purchasing an additional 3,947,226 shares in the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Trading Up 0.1%

Shares of Rayonier stock opened at $20.25 on Friday. Rayonier Inc. has a 1-year low of $19.49 and a 1-year high of $27.06. The company's fifty day simple moving average is $21.39 and its 200-day simple moving average is $21.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91. The stock has a market capitalization of $6.03 billion, a PE ratio of 45.00 and a beta of 0.87.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The firm had revenue of $396.51 million during the quarter, compared to analyst estimates of $374.28 million. During the same period in the prior year, the business posted $0.06 EPS. Rayonier's revenue was up 272.3% on a year-over-year basis. As a group, equities analysts anticipate that Rayonier Inc. will post 0.44 earnings per share for the current year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio is currently 231.11%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial reduced their price objective on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Citigroup lifted their price target on shares of Rayonier from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Finally, BMO Capital Markets lowered their price objective on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $24.80.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source