Rayonier Inc. (NYSE:RYN) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 2,854,695 shares, an increase of 50.6% from the October 31st total of 1,895,587 shares. Currently, 2.2% of the company’s shares are sold short. Based on an average trading volume of 578,798 shares, the days-to-cover ratio is presently 4.9 days.
A number of hedge funds and other institutional investors have recently made changes to their positions in RYN. Belpointe Asset Management LLC acquired a new position in shares of Rayonier in the 3rd quarter valued at $152,000. Vanguard Group Inc. boosted its holdings in shares of Rayonier by 9.9% in the 3rd quarter. Vanguard Group Inc. now owns 19,755,025 shares of the real estate investment trust’s stock valued at $667,917,000 after purchasing an additional 1,773,986 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Rayonier by 18.3% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 457,113 shares of the real estate investment trust’s stock valued at $15,455,000 after purchasing an additional 70,572 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Rayonier by 229.5% in the 3rd quarter. AQR Capital Management LLC now owns 377,220 shares of the real estate investment trust’s stock valued at $12,754,000 after purchasing an additional 262,726 shares during the last quarter. Finally, Brookfield Asset Management Inc. boosted its holdings in shares of Rayonier by 17.2% in the 3rd quarter. Brookfield Asset Management Inc. now owns 397,500 shares of the real estate investment trust’s stock valued at $13,439,000 after purchasing an additional 58,200 shares during the last quarter. Hedge funds and other institutional investors own 84.72% of the company’s stock.
Separately, ValuEngine upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research report on Monday, November 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $36.50.
Rayonier (NYSE:RYN) last announced its earnings results on Wednesday, October 31st. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.12. Rayonier had a net margin of 18.48% and a return on equity of 7.34%. The firm had revenue of $200.90 million for the quarter, compared to analyst estimates of $179.87 million. During the same quarter last year, the business earned $0.19 earnings per share. Rayonier’s revenue was up 8.9% compared to the same quarter last year. Sell-side analysts anticipate that Rayonier will post 0.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 17th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, December 14th. This represents a $1.08 dividend on an annualized basis and a yield of 3.40%. Rayonier’s dividend payout ratio (DPR) is currently 166.15%.
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Rayonier Company 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 September 30, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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