Oppenheimer & Co. Inc. Takes $327,000 Position in Rayonier Inc. (NYSE:RYN)

Oppenheimer & Co. Inc. acquired a new stake in Rayonier Inc. (NYSE:RYN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 12,540 shares of the real estate investment trust's stock, valued at approximately $327,000.

Several other large investors have also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its holdings in Rayonier by 26.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust's stock worth $107,890,000 after purchasing an additional 695,810 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of Rayonier by 2,950.1% during the third quarter. Crossmark Global Holdings Inc. now owns 296,222 shares of the real estate investment trust's stock worth $9,532,000 after buying an additional 286,510 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Rayonier by 119.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 457,370 shares of the real estate investment trust's stock worth $14,718,000 after buying an additional 249,173 shares in the last quarter. State Street Corp increased its stake in shares of Rayonier by 2.5% during the third quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust's stock worth $137,715,000 after buying an additional 104,464 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Rayonier by 87.6% in the third quarter. BNP Paribas Financial Markets now owns 161,130 shares of the real estate investment trust's stock valued at $5,185,000 after acquiring an additional 75,258 shares in the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

RYN has been the topic of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on shares of Rayonier from $33.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Truist Financial dropped their target price on Rayonier from $32.00 to $30.00 and set a "hold" rating on the stock in a report on Monday, January 6th. StockNews.com upgraded Rayonier from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. Raymond James raised Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price objective for the company in a research report on Wednesday. Finally, Citigroup cut their target price on Rayonier from $32.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $29.00.

Rayonier Stock Down 0.3 %

NYSE:RYN traded down $0.08 during midday trading on Wednesday, hitting $27.23. 1,372,854 shares of the company were exchanged, compared to its average volume of 1,069,394. Rayonier Inc. has a fifty-two week low of $24.88 and a fifty-two week high of $34.60. The company has a market capitalization of $4.25 billion, a PE ratio of 11.54 and a beta of 1.00. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $26.18 and a 200 day simple moving average of $29.06.

Rayonier (NYSE:RYN - Get Free Report) last posted its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.08. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. As a group, equities analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Monday, March 17th. Rayonier's dividend payout ratio is currently 46.19%.

Rayonier declared that its Board of Directors has approved a share repurchase plan on Monday, December 2nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to purchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.