Bank of New York Mellon Corp Grows Stock Holdings in Rayonier Inc. $RYN

Bank of New York Mellon Corp grew its position in shares of Rayonier Inc. (NYSE:RYN) by 111.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,573,559 shares of the real estate investment trust’s stock after acquiring an additional 1,356,361 shares during the period. Bank of New York Mellon Corp owned about 0.85% of Rayonier worth $53,067,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RYN. Fiduciary Counselling Inc. bought a new stake in shares of Rayonier in the first quarter worth about $4,287,000. Sanctuary Advisors LLC bought a new position in Rayonier during the 1st quarter valued at approximately $2,219,000. Roberts Glore & Co. Inc. IL bought a new position in Rayonier during the 1st quarter valued at approximately $377,000. Maryland State Retirement & Pension System purchased a new stake in Rayonier in the 1st quarter worth approximately $310,000. Finally, State of Michigan Retirement System lifted its holdings in Rayonier by 86.5% in the 1st quarter. State of Michigan Retirement System now owns 68,572 shares of the real estate investment trust’s stock worth $1,414,000 after buying an additional 31,807 shares during the period. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Trading Down 0.9%

NYSE:RYN opened at $21.34 on Friday. The firm has a market capitalization of $6.42 billion, a P/E ratio of 7.07 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. Rayonier Inc. has a one year low of $19.49 and a one year high of $27.33. The company’s 50-day simple moving average is $21.10 and its 200 day simple moving average is $21.52.

Rayonier (NYSE:RYN) last announced its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The business had revenue of $276.79 million during the quarter, compared to the consensus estimate of $280.92 million. During the same quarter last year, the firm earned ($0.02) earnings per share. The business’s revenue for the quarter was up 233.9% on a year-over-year basis. As a group, analysts forecast that Rayonier Inc. will post 0.36 EPS for the current fiscal year.

Rayonier Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier’s dividend payout ratio (DPR) is 34.44%.

Analysts Set New Price Targets

Several research firms have recently issued reports on RYN. Citigroup reduced their target price on Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Truist Financial cut their price target on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, July 15th. Weiss Ratings downgraded shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Finally, Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $24.60.

Rayonier Company Profile

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.