Rayonier (NYSE:RYN) Sees Large Volume Increase - Here's What Happened

Rayonier Inc. (NYSE:RYN - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 829,808 shares traded hands during trading, a decline of 2% from the previous session's volume of 850,806 shares.The stock last traded at $25.27 and had previously closed at $25.69.

Analyst Ratings Changes

RYN has been the subject of a number of analyst reports. Royal Bank of Canada decreased their price objective on shares of Rayonier from $33.00 to $30.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. Truist Financial cut their price target on shares of Rayonier from $32.00 to $30.00 and set a "hold" rating on the stock in a research note on Monday, January 6th. Citigroup cut their price target on shares of Rayonier from $32.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 15th. Finally, StockNews.com raised shares of Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, November 16th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $28.33.

Rayonier Stock Performance

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's 50 day simple moving average is $26.56 and its two-hundred day simple moving average is $29.46. The stock has a market cap of $3.78 billion, a P/E ratio of 10.74 and a beta of 1.03.

Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. As a group, research analysts forecast that Rayonier Inc. will post 0.58 EPS for the current year.

Rayonier Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Monday, March 17th. Rayonier's dividend payout ratio is presently 48.31%.

Rayonier announced that its Board of Directors has approved a share buyback program on Monday, December 2nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Rayonier

A number of institutional investors have recently made changes to their positions in the business. Schonfeld Strategic Advisors LLC bought a new stake in Rayonier during the fourth quarter worth $416,000. Northern Trust Corp raised its position in Rayonier by 17.9% during the fourth quarter. Northern Trust Corp now owns 1,543,523 shares of the real estate investment trust's stock worth $40,286,000 after acquiring an additional 234,629 shares in the last quarter. Quarry LP bought a new stake in Rayonier during the fourth quarter worth $173,000. Pinebridge Investments L.P. raised its position in Rayonier by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 76,059 shares of the real estate investment trust's stock worth $1,985,000 after acquiring an additional 22,753 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in Rayonier during the fourth quarter worth $347,000. Institutional investors own 89.12% 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.