24,135 Shares in Rayonier Inc. (NYSE:RYN) Bought by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. acquired a new position in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 24,135 shares of the real estate investment trust's stock, valued at approximately $702,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Rayonier by 0.3% during the first quarter. Vanguard Group Inc. now owns 20,802,946 shares of the real estate investment trust's stock worth $691,490,000 after purchasing an additional 67,646 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Rayonier by 1.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,294,936 shares of the real estate investment trust's stock worth $541,645,000 after acquiring an additional 196,571 shares during the period. Norges Bank bought a new position in Rayonier in the fourth quarter worth about $439,076,000. Impax Asset Management Group plc boosted its stake in Rayonier by 17.3% in the second quarter. Impax Asset Management Group plc now owns 6,815,188 shares of the real estate investment trust's stock valued at $197,226,000 after acquiring an additional 1,004,357 shares during the period. Finally, Confluence Investment Management LLC bought a new position in shares of Rayonier during the first quarter valued at approximately $77,027,000. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Performance

Shares of NYSE RYN traded up $0.54 during midday trading on Friday, reaching $32.03. 628,796 shares of the company traded hands, compared to its average volume of 596,787. The company has a market cap of $4.77 billion, a price-to-earnings ratio of 28.60 and a beta of 1.04. The stock has a 50-day moving average price of $29.86 and a 200 day moving average price of $30.62. Rayonier Inc. has a 52 week low of $24.84 and a 52 week high of $35.29. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.98 and a quick ratio of 1.78.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.12). The company had revenue of $173.60 million for the quarter, compared to the consensus estimate of $218.86 million. Rayonier had a return on equity of 3.00% and a net margin of 14.78%. The firm's quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Sell-side analysts anticipate that Rayonier Inc. will post 0.4 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, September 16th. Rayonier's payout ratio is currently 101.79%.

Insider Activity

In other news, Director V. Larkin Martin sold 10,011 shares of the company's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total value of $306,036.27. Following the completion of the sale, the director now owns 40,168 shares in the company, valued at $1,227,935.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RYN shares. Royal Bank of Canada restated a "sector perform" rating and set a $34.00 price objective on shares of Rayonier in a research report on Friday, June 14th. Truist Financial lowered their price target on shares of Rayonier from $34.00 to $31.00 and set a "hold" rating for the company in a research report on Tuesday, July 16th. Finally, StockNews.com upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, August 17th.

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.