Norges Bank Takes Position in Rayonier Inc. (NYSE:RYN)

Norges Bank acquired a new position in Rayonier Inc. (NYSE:RYN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,142,039 shares of the real estate investment trust's stock, valued at approximately $343,007,000. Norges Bank owned about 8.82% of Rayonier as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. WINTON GROUP Ltd increased its holdings in shares of Rayonier by 5.5% in the 4th quarter. WINTON GROUP Ltd now owns 112,914 shares of the real estate investment trust's stock worth $2,947,000 after purchasing an additional 5,873 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Rayonier during the fourth quarter valued at $261,000. KLP Kapitalforvaltning AS bought a new stake in Rayonier in the 4th quarter worth about $731,000. Virtu Financial LLC purchased a new position in Rayonier in the 4th quarter worth about $226,000. Finally, Teacher Retirement System of Texas lifted its stake in Rayonier by 43.8% during the 4th quarter. Teacher Retirement System of Texas now owns 29,283 shares of the real estate investment trust's stock valued at $764,000 after acquiring an additional 8,918 shares during the period. 89.12% of the stock is owned by institutional investors.

Rayonier Stock Performance

RYN stock traded down $0.56 during midday trading on Thursday, reaching $27.43. 162,797 shares of the company's stock traded hands, compared to its average volume of 740,288. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. Rayonier Inc. has a 52-week low of $24.88 and a 52-week high of $31.29. The stock has a market cap of $4.28 billion, a P/E ratio of 11.62 and a beta of 1.00. The stock's 50-day moving average is $26.74 and its 200 day moving average is $28.73.

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Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate 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, analysts anticipate that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier Cuts Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 3.97%. Rayonier's payout ratio is currently 46.19%.

Analysts Set New Price Targets

A number of brokerages have recently commented on RYN. Raymond James upgraded shares of Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price target for the company in a research note on Wednesday, March 12th. Royal Bank of Canada cut their target price on shares of Rayonier from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Citigroup dropped their price target on Rayonier from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 15th. Finally, Truist Financial reduced their price objective on Rayonier from $32.00 to $30.00 and set a "hold" rating for the company in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $29.00.

About Rayonier

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.