Arizona State Retirement System Sells 498 Shares of Rayonier Inc. (NYSE:RYN)

Arizona State Retirement System lowered its holdings in Rayonier Inc. (NYSE:RYN) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,603 shares of the real estate investment trust’s stock after selling 498 shares during the period. Arizona State Retirement System’s holdings in Rayonier were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RYN. Shell Asset Management Co. lifted its stake in Rayonier by 4.5% in the fourth quarter. Shell Asset Management Co. now owns 11,652 shares of the real estate investment trust’s stock valued at $304,000 after acquiring an additional 497 shares during the last quarter. Covestor Ltd lifted its stake in Rayonier by 30.0% in the 4th quarter. Covestor Ltd now owns 2,317 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 535 shares during the last quarter. Timber Creek Capital Management LLC grew its holdings in Rayonier by 4.5% during the first quarter. Timber Creek Capital Management LLC now owns 13,957 shares of the real estate investment trust’s stock worth $389,000 after purchasing an additional 596 shares during the period. Parallel Advisors LLC increased its position in Rayonier by 133.5% during the first quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 642 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in Rayonier by 23.4% during the first quarter. Harbor Capital Advisors Inc. now owns 3,933 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 747 shares during the last quarter. Institutional investors own 89.12% of the company’s stock.

Rayonier Trading Up 0.1%

Rayonier stock opened at $23.57 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.60 and a current ratio of 2.71. Rayonier Inc. has a fifty-two week low of $21.84 and a fifty-two week high of $31.29. The stock has a market cap of $3.67 billion, a P/E ratio of 10.12 and a beta of 1.02. The firm’s fifty day moving average price is $23.31 and its 200-day moving average price is $25.01.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Rayonier had a return on equity of 3.29% and a net margin of 30.09%. The firm had revenue of $82.90 million during the quarter, compared to analysts’ expectations of $152.99 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. Rayonier’s revenue for the quarter was down 27.1% compared to the same quarter last year. Equities research analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a dividend of $0.2725 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a yield of 4.62%. Rayonier’s dividend payout ratio is presently 46.78%.

Wall Street Analyst Weigh In

RYN has been the topic of a number of research reports. Citigroup decreased their price target on shares of Rayonier from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 3rd. Truist Financial lowered their price objective on Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Royal Bank Of Canada reduced their target price on shares of Rayonier from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.75.

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.