Rayonier Inc. (NYSE:RYN) Shares Acquired by Millennium Management LLC

Millennium Management LLC raised its position in Rayonier Inc. (NYSE:RYN - Free Report) by 56.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 752,847 shares of the real estate investment trust's stock after buying an additional 272,349 shares during the quarter. Millennium Management LLC owned approximately 0.51% of Rayonier worth $21,900,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can increased its position in Rayonier by 2.1% in the 2nd quarter. Bank of Montreal Can now owns 23,606 shares of the real estate investment trust's stock valued at $716,000 after acquiring an additional 490 shares during the period. Ensign Peak Advisors Inc grew its position in Rayonier by 13.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 69,021 shares of the real estate investment trust's stock valued at $2,008,000 after buying an additional 8,385 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Rayonier by 124.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 76,641 shares of the real estate investment trust's stock valued at $2,229,000 after buying an additional 42,455 shares during the period. Sei Investments Co. raised its position in Rayonier by 1.3% during the 2nd quarter. Sei Investments Co. now owns 30,341 shares of the real estate investment trust's stock worth $883,000 after buying an additional 391 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Rayonier by 1.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,472 shares of the real estate investment trust's stock worth $828,000 after acquiring an additional 368 shares during the period. Hedge funds and other institutional investors own 89.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RYN shares. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $34.00 price objective on shares of Rayonier in a report on Friday, June 14th. Truist Financial reduced their target price on Rayonier from $34.00 to $31.00 and set a "hold" rating for the company in a 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.

Insider Activity at Rayonier

In other news, Director V. Larkin Martin sold 10,011 shares of the firm's stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $306,036.27. Following the sale, the director now owns 40,168 shares in the company, valued at $1,227,935.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.83% of the company's stock.

Rayonier Price Performance

RYN stock traded up $0.20 during midday trading on Friday, hitting $31.78. 656,564 shares of the stock were exchanged, compared to its average volume of 608,913. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.78 and a current ratio of 1.98. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of 28.38 and a beta of 1.04. Rayonier Inc. has a fifty-two week low of $24.84 and a fifty-two week high of $35.29. The stock's 50-day moving average price is $30.73 and its 200-day moving average price is $30.39.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.02 EPS 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 quarter in the prior year, the firm earned $0.05 earnings per share. Rayonier's quarterly revenue was down 16.9% on a year-over-year basis. Research analysts predict that Rayonier Inc. will post 0.38 earnings per share for the current year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.285 dividend. The ex-dividend date was Monday, September 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.59%. Rayonier's dividend payout ratio (DPR) is 101.79%.

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.