Arizona State Retirement System Cuts Stock Position in Rayonier Inc. (NYSE:RYN)

Arizona State Retirement System lowered its stake in Rayonier Inc. (NYSE:RYN) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,350 shares of the real estate investment trust’s stock after selling 3,077 shares during the period. Arizona State Retirement System’s holdings in Rayonier were worth $1,236,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Armstrong Advisory Group Inc. grew its stake in shares of Rayonier by 256.7% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 1,580 shares of the real estate investment trust’s stock worth $50,000 after buying an additional 1,137 shares during the last quarter. CWM LLC grew its stake in shares of Rayonier by 246.5% in the 1st quarter. CWM LLC now owns 1,594 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 1,134 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rayonier in the 1st quarter worth approximately $81,000. Point72 Middle East FZE purchased a new stake in shares of Rayonier in the 4th quarter worth approximately $82,000. Finally, National Bank of Canada FI lifted its position in Rayonier by 57.8% in the 1st quarter. National Bank of Canada FI now owns 2,635 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 965 shares in the last quarter. Hedge funds and other institutional investors own 82.75% of the company’s stock.

Rayonier Trading Down 0.9 %

Shares of RYN stock opened at $25.16 on Monday. Rayonier Inc. has a 52-week low of $24.84 and a 52-week high of $37.79. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.61 and a current ratio of 1.92. The firm has a market capitalization of $3.73 billion, a PE ratio of 45.75 and a beta of 1.00. The stock has a fifty day simple moving average of $28.38 and a two-hundred day simple moving average of $30.04.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The business had revenue of $208.90 million during the quarter, compared to analysts’ expectations of $210.18 million. Rayonier had a return on equity of 2.55% and a net margin of 9.77%. The company’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. On average, analysts predict that Rayonier Inc. will post 0.34 EPS for the current fiscal year.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend is Thursday, December 14th. Rayonier’s payout ratio is 207.27%.

Analysts Set New Price Targets

Separately, StockNews.com cut Rayonier from a “hold” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $34.50.

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 June 30, 2023, Rayonier owned or leased under long-term agreements approximately 2.8 million acres of timberlands located in the U.S.