Rayonier Inc. (NYSE:RYN) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury trimmed its stake in shares of Rayonier Inc. (NYSE:RYN) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,439 shares of the real estate investment trust’s stock after selling 2,129 shares during the period. State of Tennessee Department of Treasury’s holdings in Rayonier were worth $1,969,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in shares of Rayonier by 203.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,499 shares of the real estate investment trust’s stock valued at $300,000 after acquiring an additional 7,706 shares during the period. MetLife Investment Management LLC increased its stake in shares of Rayonier by 9.2% during the 4th quarter. MetLife Investment Management LLC now owns 75,946 shares of the real estate investment trust’s stock worth $1,982,000 after purchasing an additional 6,408 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Rayonier by 2.5% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 92,726 shares of the real estate investment trust’s stock worth $2,419,000 after purchasing an additional 2,286 shares during the last quarter. Marshall Wace LLP purchased a new stake in Rayonier in the 4th quarter valued at approximately $376,000. Finally, Jump Financial LLC acquired a new stake in Rayonier during the 4th quarter valued at $210,000. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RYN shares. Royal Bank of Canada cut their price target on 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 decreased their price objective on Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a research note on Tuesday, April 22nd. Raymond James raised Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective on the stock in a research note on Wednesday, March 12th. Citigroup decreased their price objective on 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 Rayonier from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.25.

Rayonier Stock Performance

NYSE RYN opened at $24.62 on Tuesday. The business’s 50-day moving average price is $26.27 and its 200 day moving average price is $27.75. Rayonier Inc. has a twelve month low of $22.80 and a twelve month high of $31.29. The company has a market capitalization of $3.84 billion, a PE ratio of 10.43 and a beta of 0.97. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61.

Rayonier (NYSE:RYN) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping 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%. On average, research analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.2725 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.43%. Rayonier’s dividend payout ratio (DPR) is 46.19%.

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.