Victory Capital Management Inc. raised its holdings in Rayonier Inc. (NYSE:RYN - Free Report) by 13.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,515,298 shares of the real estate investment trust's stock after purchasing an additional 304,803 shares during the period. Victory Capital Management Inc. owned about 1.61% of Rayonier worth $70,127,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Rayonier by 5.0% in the first quarter. Principal Financial Group Inc. now owns 323,985 shares of the real estate investment trust's stock worth $9,033,000 after acquiring an additional 15,382 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Rayonier by 54.6% in the 1st quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 947 shares during the period. HighTower Advisors LLC increased its holdings in Rayonier by 3.4% during the 4th quarter. HighTower Advisors LLC now owns 66,571 shares of the real estate investment trust's stock worth $1,738,000 after purchasing an additional 2,168 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Rayonier in the fourth quarter valued at approximately $376,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Rayonier during the first quarter worth $1,017,000. 89.12% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Rayonier from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Tuesday, June 3rd. Truist Financial decreased their target price on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. Royal Bank Of Canada decreased 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. Finally, Wall Street Zen upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $27.75.
Check Out Our Latest Stock Report on RYN
Rayonier Price Performance
Shares of Rayonier stock opened at $23.57 on Friday. Rayonier Inc. has a 12 month low of $21.84 and a 12 month high of $31.29. The company has a current ratio of 2.71, a quick ratio of 2.60 and a debt-to-equity ratio of 0.54. The business's 50-day moving average price is $23.31 and its 200-day moving average price is $25.03. The firm has a market capitalization of $3.67 billion, a PE ratio of 10.12 and a beta of 1.02.
Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). The business had revenue of $82.90 million during the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a return on equity of 3.29% and a net margin of 30.09%. The business's revenue was down 27.1% on a year-over-year basis. During the same period last year, the company earned $0.01 EPS. Sell-side analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.
Rayonier Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 4.62%. The ex-dividend date was Monday, June 16th. Rayonier's payout ratio is 46.78%.
Rayonier Company Profile
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Free Report)
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.
Further Reading
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