HighTower Advisors LLC Boosts Holdings in Rayonier Inc. $RYN

HighTower Advisors LLC raised its holdings in shares of Rayonier Inc. (NYSE:RYN) by 18.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,692 shares of the real estate investment trust’s stock after acquiring an additional 12,121 shares during the quarter. HighTower Advisors LLC owned approximately 0.05% of Rayonier worth $2,194,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in Rayonier during the 1st quarter valued at about $26,187,000. Invesco Ltd. increased its holdings in Rayonier by 99.5% during the 1st quarter. Invesco Ltd. now owns 739,133 shares of the real estate investment trust’s stock valued at $20,607,000 after acquiring an additional 368,659 shares in the last quarter. Global Alpha Capital Management Ltd. increased its holdings in Rayonier by 21.0% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,392,099 shares of the real estate investment trust’s stock valued at $38,812,000 after acquiring an additional 241,172 shares in the last quarter. Covestor Ltd increased its holdings in Rayonier by 107.2% during the 1st quarter. Covestor Ltd now owns 4,801 shares of the real estate investment trust’s stock valued at $134,000 after acquiring an additional 2,484 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Rayonier during the first quarter worth about $339,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup lifted their price target on shares of Rayonier from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday. Wall Street Zen upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada lifted their price target on shares of Rayonier from $26.00 to $27.00 and gave the stock a “sector perform” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Rayonier presently has an average rating of “Hold” and an average target price of $28.00.

Rayonier Price Performance

Rayonier stock opened at $27.1330 on Friday. Rayonier Inc. has a 1 year low of $21.84 and a 1 year high of $32.88. The firm has a 50 day moving average price of $24.00 and a 200 day moving average price of $24.82. The company has a market cap of $4.18 billion, a price-to-earnings ratio of 5.48 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 3.38 and a current ratio of 3.50.

Rayonier (NYSE:RYN) last released its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Rayonier had a net margin of 68.53% and a return on equity of 3.39%. The firm had revenue of $106.50 million during the quarter, compared to the consensus estimate of $95.30 million. During the same period in the previous year, the firm earned $0.02 earnings per share. Rayonier’s revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 16th. Rayonier’s payout ratio is 22.02%.

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.