State of Alaska Department of Revenue Purchases 3,304 Shares of Rayonier Inc. (NYSE:RYN)

State of Alaska Department of Revenue boosted its position in shares of Rayonier Inc. (NYSE:RYN) by 3.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,658 shares of the real estate investment trust’s stock after acquiring an additional 3,304 shares during the period. State of Alaska Department of Revenue owned 0.06% of Rayonier worth $2,339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its stake in Rayonier by 2.5% during the 3rd quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock worth $137,715,000 after acquiring an additional 104,464 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Rayonier by 26.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock worth $107,890,000 after acquiring an additional 695,810 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Rayonier by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,441,846 shares of the real estate investment trust’s stock worth $78,579,000 after acquiring an additional 7,733 shares during the period. Global Alpha Capital Management Ltd. raised its stake in Rayonier by 2.9% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 1,034,127 shares of the real estate investment trust’s stock worth $33,278,000 after acquiring an additional 28,800 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Rayonier by 119.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 457,370 shares of the real estate investment trust’s stock valued at $14,718,000 after buying an additional 249,173 shares in the last quarter. Institutional investors own 89.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RYN shares. Citigroup cut their price objective on shares of Rayonier from $32.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Royal Bank of Canada cut 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. StockNews.com raised shares of Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, November 16th. Finally, Truist Financial cut their price objective on shares of Rayonier from $32.00 to $30.00 and set a “hold” rating for the company in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.33.

Rayonier Trading Down 2.1 %

RYN stock opened at $25.68 on Tuesday. The firm has a fifty day moving average price of $27.04 and a 200 day moving average price of $29.58. Rayonier Inc. has a fifty-two week low of $24.88 and a fifty-two week high of $35.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.85 and a current ratio of 1.12. The firm has a market cap of $3.83 billion, a PE ratio of 10.88 and a beta of 1.03.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating 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%. Sell-side analysts anticipate that Rayonier Inc. will post 0.58 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.2725 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a yield of 4.24%. Rayonier’s dividend payout ratio is presently 48.31%.

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

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.