Walleye Capital LLC Acquires New Position in Rayonier Inc. $RYN

Key Points

• Walleye Capital acquired 215,034 Rayonier shares worth approximately $4.6 million, while institutional investors collectively own 89.12% of the REIT.
• Analysts maintain a cautious outlook, with Rayonier holding a consensus “Hold” rating and an average price target of $24.80; recent target changes ranged from $23 to $25.
• Rayonier reported quarterly revenue of $396.51 million, up 272.3% year over year, and matched expectations with $0.10 EPS. The company declared a quarterly dividend of $0.26, representing a 4.8% yield, though its payout ratio remains high at 231.11%.

Walleye Capital LLC acquired a new stake in Rayonier Inc. (NYSE:RYN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 215,034 shares of the real estate investment trust's stock, valued at approximately $4,576,000. Walleye Capital LLC owned 0.07% of Rayonier at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RYN. Norges Bank bought a new stake in shares of Rayonier during the fourth quarter valued at approximately $313,806,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Rayonier in the first quarter valued at approximately $85,771,000. Fuller & Thaler Asset Management Inc. grew its stake in Rayonier by 232.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust's stock worth $122,261,000 after purchasing an additional 3,947,226 shares in the last quarter. Kopernik Global Investors LLC bought a new position in Rayonier in the first quarter worth approximately $45,086,000. Finally, Pictet Asset Management Holding SA grew its stake in Rayonier by 42.3% in the first quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust's stock worth $101,563,000 after purchasing an additional 1,463,118 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on RYN. Truist Financial decreased their target price on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. Weiss Ratings restated a "sell (d+)" rating on shares of Rayonier in a research note on Friday, August 7th. Citigroup lifted their price objective on Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a report on Monday. Finally, BMO Capital Markets lowered their price objective on shares of Rayonier from $26.00 to $25.00 and set a "market perform" rating for the company in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Rayonier has a consensus rating of "Hold" and a consensus price target of $24.80.

Rayonier Stock Performance

Shares of RYN stock opened at $21.55 on Friday. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 47.90 and a beta of 0.87. The company's 50 day moving average is $21.47 and its 200 day moving average is $21.34. The company has a quick ratio of 2.91, a current ratio of 3.56 and a debt-to-equity ratio of 0.36. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting analysts' consensus estimates of $0.10. The company had revenue of $396.51 million during the quarter, compared to the consensus estimate of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. Rayonier's revenue for the quarter was up 272.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 earnings per share. On average, sell-side analysts anticipate that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's payout ratio is presently 231.11%.

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.

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