Massachusetts Financial Services Co. MA Sells 1,028,725 Shares of Rayonier Inc. (NYSE:RYN)

Massachusetts Financial Services Co. MA cut its holdings in Rayonier Inc. (NYSE:RYN - Free Report) by 27.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,656,881 shares of the real estate investment trust's stock after selling 1,028,725 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.78% of Rayonier worth $77,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RYN. Confluence Investment Management LLC bought a new position in shares of Rayonier in the 1st quarter worth about $77,027,000. Cohen & Steers Inc. bought a new stake in Rayonier in the 4th quarter valued at about $51,265,000. Impax Asset Management Group plc increased its position in Rayonier by 17.3% in the 2nd 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 buying an additional 1,004,357 shares in the last quarter. Teramo Advisors LLC bought a new stake in Rayonier in the 2nd quarter valued at about $9,309,000. Finally, Central Securities Corp increased its position in Rayonier by 42.9% in the 1st quarter. Central Securities Corp now owns 1,000,000 shares of the real estate investment trust's stock valued at $33,240,000 after buying an additional 300,000 shares in the last quarter. 89.12% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RYN. Royal Bank of Canada reissued a "sector perform" rating and issued a $34.00 price objective on shares of Rayonier in a research note on Friday, June 14th. StockNews.com raised Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, August 17th. Finally, Truist Financial cut their target price on Rayonier from $34.00 to $31.00 and set a "hold" rating on the stock in a research report on Tuesday, July 16th.

Rayonier Stock Performance

RYN stock traded up $0.19 during midday trading on Thursday, hitting $31.77. The company's stock had a trading volume of 517,803 shares, compared to its average volume of 594,355. The stock's 50-day moving average price is $30.09 and its 200 day moving average price is $30.57. The company has a quick ratio of 1.78, a current ratio of 1.98 and a debt-to-equity ratio of 0.75. Rayonier Inc. has a 1 year low of $24.84 and a 1 year high of $35.29. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 28.43 and a beta of 1.04.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). Rayonier had a return on equity of 3.00% and a net margin of 14.78%. The business had revenue of $173.60 million during the quarter, compared to analysts' expectations of $218.86 million. During the same period in the prior year, the firm posted $0.05 EPS. The firm's revenue for the quarter was down 16.9% on a year-over-year basis. On average, equities analysts forecast that Rayonier Inc. will post 0.4 EPS for the current year.

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.285 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.14 annualized dividend and a yield of 3.59%. Rayonier's dividend payout ratio is currently 101.79%.

Insiders Place Their Bets

In other Rayonier news, Director V. Larkin Martin sold 10,011 shares of the business'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 transaction, the director now owns 40,168 shares of the company's stock, valued at $1,227,935.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.83% of the company's stock.

Rayonier Company 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.