Raymond James Financial Inc. Makes New $1.46 Million Investment in Rayonier Inc. (NYSE:RYN)

Raymond James Financial Inc. purchased a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 55,766 shares of the real estate investment trust's stock, valued at approximately $1,455,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Renaissance Technologies LLC acquired a new position in Rayonier in the 4th quarter valued at approximately $4,281,000. Legal & General Group Plc grew its holdings 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 acquiring an additional 170,087 shares in the last quarter. Invesco Ltd. increased its stake in shares of Rayonier by 9.4% in the fourth quarter. Invesco Ltd. now owns 370,474 shares of the real estate investment trust's stock worth $9,669,000 after acquiring an additional 31,916 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Rayonier by 5.2% during the fourth quarter. Bank of Montreal Can now owns 25,333 shares of the real estate investment trust's stock worth $661,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Rayonier by 1.7% during the fourth quarter. Russell Investments Group Ltd. now owns 713,037 shares of the real estate investment trust's stock valued at $18,610,000 after purchasing an additional 11,969 shares during the last quarter. Hedge funds and other institutional investors own 89.12% of the company's stock.

Rayonier Stock Performance

Shares of RYN stock traded up $0.53 during trading hours on Wednesday, reaching $23.45. 782,483 shares of the company's stock were exchanged, compared to its average volume of 824,699. The business has a fifty day moving average price of $25.98 and a 200-day moving average price of $27.43. The stock has a market capitalization of $3.66 billion, a P/E ratio of 9.92 and a beta of 1.07. 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 fifty-two week low of $22.80 and a fifty-two week 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) earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $152.99 million. During the same period last year, the company earned $0.01 earnings per share. Rayonier's revenue for the quarter was down 27.1% on a year-over-year basis. Analysts predict that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RYN shares. Citigroup cut their price target on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Royal Bank of Canada lowered their price objective on Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. 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 report on Wednesday, March 12th. StockNews.com lowered shares of Rayonier from a "buy" rating to a "sell" rating in a research report on Monday. Finally, Truist Financial lowered their target price on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Rayonier presently has an average rating of "Hold" and an average target price of $27.50.

Rayonier 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.