Pinebridge Investments L.P. Buys 22,753 Shares of Rayonier Inc. (NYSE:RYN)

Pinebridge Investments L.P. raised its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 42.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 76,059 shares of the real estate investment trust's stock after purchasing an additional 22,753 shares during the period. Pinebridge Investments L.P. owned 0.05% of Rayonier worth $1,985,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of RYN. Norges Bank bought a new position in shares of Rayonier during the 4th quarter valued at approximately $343,007,000. Franklin Resources Inc. bought a new position in shares of Rayonier in the fourth quarter worth approximately $30,935,000. ExodusPoint Capital Management LP purchased a new stake in shares of Rayonier in the fourth quarter worth $4,726,000. Legal & General Group Plc raised its position in shares of Rayonier by 5.8% during the 4th 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 during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Rayonier during the 4th quarter valued at $4,281,000. Hedge funds and other institutional investors own 89.12% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RYN shares. Truist Financial cut their price target on Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. Royal Bank of Canada dropped their price target on Rayonier from $33.00 to $30.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Raymond James raised shares of Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 target price on the stock in a report on Wednesday, March 12th. Finally, Citigroup cut their target price on shares of Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $28.25.

Rayonier Price Performance

NYSE:RYN traded down $0.84 during trading hours on Thursday, reaching $23.62. The stock had a trading volume of 2,371,332 shares, compared to its average volume of 810,088. The stock has a market capitalization of $3.69 billion, a PE ratio of 10.01 and a beta of 0.97. Rayonier Inc. has a 52 week low of $22.80 and a 52 week high of $31.29. The company has a 50 day moving average price of $26.21 and a two-hundred day moving average price of $27.70. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.85 and a current ratio of 1.12.

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

Rayonier Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given 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 of this dividend was Monday, March 17th. Rayonier's dividend payout ratio is 46.19%.

Rayonier Company Profile

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.