Victory Capital Management Inc. Sells 223,380 Shares of Rayonier Inc. (NYSE:RYN)

Victory Capital Management Inc. cut its stake in Rayonier Inc. (NYSE:RYN - Free Report) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,727,910 shares of the real estate investment trust's stock after selling 223,380 shares during the quarter. Victory Capital Management Inc. owned about 1.83% of Rayonier worth $87,784,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RYN. Price T Rowe Associates Inc. MD grew its holdings in shares of Rayonier by 1.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,294,936 shares of the real estate investment trust's stock valued at $541,645,000 after purchasing an additional 196,571 shares during the period. SG Americas Securities LLC grew its stake in shares of Rayonier by 308.5% in the 2nd quarter. SG Americas Securities LLC now owns 31,717 shares of the real estate investment trust's stock valued at $923,000 after buying an additional 23,953 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Rayonier during the 2nd quarter worth approximately $732,000. Russell Investments Group Ltd. raised its position in shares of Rayonier by 108.9% during the 1st quarter. Russell Investments Group Ltd. now owns 541,344 shares of the real estate investment trust's stock valued at $17,995,000 after buying an additional 282,145 shares during the period. Finally, Boston Partners purchased a new position in Rayonier in the first quarter worth approximately $957,000. 89.12% of the stock is owned by institutional investors and hedge funds.

Rayonier Trading Down 1.3 %

RYN traded down $0.39 during trading on Thursday, hitting $29.72. 1,161,010 shares of the company's stock were exchanged, compared to its average volume of 610,030. The stock has a 50 day moving average price of $31.49 and a 200 day moving average price of $30.31. The company has a current ratio of 1.99, a quick ratio of 1.78 and a debt-to-equity ratio of 0.71. Rayonier Inc. has a 1 year low of $27.40 and a 1 year high of $35.29. The firm has a market cap of $4.43 billion, a P/E ratio of 28.40 and a beta of 1.05.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The firm had revenue of $195.00 million during the quarter, compared to analyst estimates of $211.21 million. During the same period last year, the business earned $0.13 EPS. The firm's revenue was down 3.3% compared to the same quarter last year. As a group, analysts expect that Rayonier Inc. will post 0.38 EPS for the current fiscal year.

Rayonier Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Tuesday, December 17th. Rayonier's payout ratio is currently 107.55%.

Insider Activity

In related news, Director V. Larkin Martin sold 10,011 shares of the 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 completion of the sale, the director now directly owns 40,168 shares in the company, valued at approximately $1,227,935.76. This trade represents a 19.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.83% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. StockNews.com downgraded Rayonier from a "hold" rating to a "sell" rating in a report on Friday, November 8th. Truist Financial increased their target price on shares of Rayonier from $31.00 to $32.00 and gave the stock a "hold" rating in a report on Tuesday, October 15th.

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.