Legal & General Group Plc lifted its holdings in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,107,331 shares of the real estate investment trust's stock after purchasing an additional 170,087 shares during the period. Legal & General Group Plc owned about 2.09% of Rayonier worth $81,101,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in shares of Rayonier in the fourth quarter valued at approximately $343,007,000. State Street Corp raised its holdings in Rayonier by 2.5% in the 3rd quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust's stock valued at $137,715,000 after acquiring an additional 104,464 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Rayonier by 0.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,372,817 shares of the real estate investment trust's stock worth $88,031,000 after purchasing an additional 20,126 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Rayonier by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 2,632,193 shares of the real estate investment trust's stock worth $68,719,000 after purchasing an additional 39,332 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Rayonier by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust's stock valued at $64,958,000 after purchasing an additional 46,956 shares during the period. 89.12% of the stock is owned by hedge funds and other institutional investors.
Rayonier Price Performance
Shares of RYN stock remained flat at $24.98 during mid-day trading on Tuesday. 779,001 shares of the stock were exchanged, compared to its average volume of 780,979. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of 10.58 and a beta of 0.97. The firm's 50-day moving average is $26.43 and its 200 day moving average is $28.23. Rayonier Inc. has a fifty-two week low of $22.80 and a fifty-two week high of $31.29.
Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating 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, research analysts anticipate that Rayonier Inc. will post 0.55 EPS for the current fiscal year.
Rayonier Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.2725 dividend. The ex-dividend date was Monday, March 17th. This represents a $1.09 annualized dividend and a dividend yield of 4.36%. Rayonier's dividend payout ratio (DPR) is presently 46.19%.
Analyst Ratings Changes
A number of brokerages have issued reports on RYN. Truist Financial decreased their price target on Rayonier from $32.00 to $30.00 and set a "hold" rating on the stock in a research note on Monday, January 6th. StockNews.com upgraded shares of Rayonier from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Royal Bank of Canada dropped their price target 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. Citigroup decreased their price target on shares of Rayonier from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, January 15th. Finally, Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price objective for the company in a report on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $29.00.
Check Out Our Latest Stock Analysis on RYN
About Rayonier
(
Free Report)
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.
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