NewEdge Advisors LLC Trims Holdings in Rayonier Inc. (NYSE:RYN)

NewEdge Advisors LLC cut its position in shares of Rayonier Inc. (NYSE:RYN) by 17.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,390 shares of the real estate investment trust’s stock after selling 702 shares during the quarter. NewEdge Advisors LLC’s holdings in Rayonier were worth $88,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Rayonier in the 4th quarter valued at $343,007,000. Franklin Resources Inc. acquired a new position in Rayonier in the fourth quarter valued at $30,935,000. ExodusPoint Capital Management LP purchased a new position in Rayonier during the fourth quarter worth about $4,726,000. Legal & General Group Plc lifted its position in Rayonier by 5.8% during the fourth quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust’s stock worth $81,101,000 after buying an additional 170,087 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Rayonier in the 4th quarter worth about $4,281,000. Institutional investors and hedge funds own 89.12% of the company’s stock.

Analyst Ratings Changes

RYN has been the topic of several recent analyst reports. Citigroup cut their price objective on shares of Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Raymond James upgraded shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a report on Wednesday, March 12th. StockNews.com upgraded Rayonier from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Royal Bank of Canada reduced their target price on Rayonier from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Friday. Finally, Truist Financial dropped their price target on Rayonier from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Rayonier presently has a consensus rating of “Hold” and an average target price of $27.50.

Rayonier Stock Performance

NYSE:RYN opened at $23.66 on Friday. Rayonier Inc. has a twelve month low of $22.80 and a twelve month high of $31.29. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 10.03 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. The firm’s fifty day simple moving average is $26.11 and its 200 day simple moving average is $27.56.

Rayonier (NYSE:RYN) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Rayonier had a return on equity of 3.86% and a net margin of 28.44%. The company had revenue of $82.90 million during the quarter, compared to analysts’ expectations of $152.99 million. Rayonier’s quarterly revenue was down 27.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 EPS. As a group, equities research analysts expect that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.2725 per share. The ex-dividend date was Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.61%. Rayonier’s payout ratio is currently 46.19%.

About Rayonier

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.