Boothbay Fund Management LLC Sells 78,378 Shares of Rayonier Inc. (NYSE:RYN)

Boothbay Fund Management LLC cut its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 27.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 202,103 shares of the real estate investment trust's stock after selling 78,378 shares during the period. Boothbay Fund Management LLC owned approximately 0.14% of Rayonier worth $5,275,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Pinebridge Investments L.P. raised its stake in Rayonier by 42.7% during the 4th quarter. Pinebridge Investments L.P. now owns 76,059 shares of the real estate investment trust's stock valued at $1,985,000 after purchasing an additional 22,753 shares during the period. Dark Forest Capital Management LP acquired a new position in Rayonier during the fourth quarter valued at $347,000. Hsbc Holdings PLC acquired a new stake in Rayonier during the 4th quarter worth about $1,189,000. Tower Research Capital LLC TRC grew its stake in Rayonier by 203.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,499 shares of the real estate investment trust's stock valued at $300,000 after acquiring an additional 7,706 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Rayonier by 9.2% in the 4th quarter. MetLife Investment Management LLC now owns 75,946 shares of the real estate investment trust's stock valued at $1,982,000 after purchasing an additional 6,408 shares during the period. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Stock Performance

NYSE:RYN traded down $0.84 during midday trading on Thursday, reaching $23.62. The stock had a trading volume of 2,371,325 shares, compared to its average volume of 1,117,299. The stock has a market capitalization of $3.69 billion, a P/E ratio of 10.01 and a beta of 0.97. Rayonier Inc. has a 1-year low of $22.80 and a 1-year high of $32.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. The firm's fifty day simple moving average is $26.21 and its 200-day simple moving average is $27.70.

Rayonier (NYSE:RYN - Get Free Report) last announced its 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). The business had revenue of $82.90 million for the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. Rayonier's revenue for the quarter was down 27.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.01 EPS. On average, equities research analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date was Monday, March 17th. Rayonier's dividend payout ratio (DPR) is currently 46.19%.

Analyst Upgrades and Downgrades

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

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.