Harvest Fund Management Co. Ltd Buys 3,114 Shares of Rayonier Inc. (NYSE:RYN)

Harvest Fund Management Co. Ltd increased its position in shares of Rayonier Inc. (NYSE:RYN) by 331.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,054 shares of the real estate investment trust’s stock after buying an additional 3,114 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Rayonier were worth $113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. American National Bank & Trust bought a new position in Rayonier in the 1st quarter valued at about $28,000. Parallel Advisors LLC grew its position in shares of Rayonier by 133.5% in the first quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 642 shares during the last quarter. Byrne Asset Management LLC bought a new position in shares of Rayonier during the first quarter worth approximately $38,000. Covestor Ltd increased its stake in shares of Rayonier by 30.0% during the fourth quarter. Covestor Ltd now owns 2,317 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 535 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Rayonier by 54.6% during the 1st quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 947 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Rayonier Stock Down 1.0%

Shares of RYN opened at $23.32 on Friday. The firm has a 50 day simple moving average of $23.31 and a two-hundred day simple moving average of $24.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.71 and a quick ratio of 2.60. Rayonier Inc. has a one year low of $21.84 and a one year high of $32.88. The company has a market cap of $3.63 billion, a P/E ratio of 10.01 and a beta of 1.02.

Rayonier (NYSE:RYN) last released its quarterly earnings data 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). The business had revenue of $82.90 million during the quarter, compared to analyst estimates of $152.99 million. Rayonier had a net margin of 30.09% and a return on equity of 3.29%. The business’s quarterly revenue was down 27.1% compared to the same quarter last year. During the same period last year, the business earned $0.01 earnings per share. Research analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.2725 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.09 annualized dividend and a dividend yield of 4.7%. Rayonier’s payout ratio is 46.78%.

Analysts Set New Price Targets

RYN has been the topic of several recent research reports. 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 lowered their price target on shares of Rayonier from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Citigroup cut their price objective on shares of Rayonier from $27.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.75.

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.