Summit Global Investments purchased a new position in shares of Rayonier Inc. (NYSE:RYN) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 102,235 shares of the real estate investment trust’s stock, valued at approximately $3,098,000. Summit Global Investments owned 0.08% of Rayonier as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Zacks Investment Management grew its stake in shares of Rayonier by 5.7% during the 2nd quarter. Zacks Investment Management now owns 40,698 shares of the real estate investment trust’s stock worth $1,233,000 after acquiring an additional 2,200 shares during the period. Doyle Wealth Management bought a new position in Rayonier in the 2nd quarter worth about $55,000. Nuveen Asset Management LLC bought a new position in Rayonier in the 2nd quarter worth about $16,929,000. Price T Rowe Associates Inc. MD boosted its stake in Rayonier by 1.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 17,349,152 shares of the real estate investment trust’s stock worth $525,679,000 after purchasing an additional 166,853 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Rayonier by 149.0% in the 2nd quarter. Victory Capital Management Inc. now owns 2,085,050 shares of the real estate investment trust’s stock worth $63,177,000 after purchasing an additional 1,247,775 shares during the period. Institutional investors own 85.06% of the company’s stock.
RYN has been the subject of several analyst reports. TheStreet downgraded Rayonier from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. ValuEngine upgraded Rayonier from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. BMO Capital Markets cut their target price on Rayonier from $34.00 to $30.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Finally, Bank of America cut their target price on Rayonier from $32.00 to $31.00 and set an “underperform” rating for the company in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Rayonier has a consensus rating of “Hold” and a consensus target price of $31.19.
Shares of NYSE:RYN traded up $0.38 on Wednesday, hitting $28.53. The company’s stock had a trading volume of 424,980 shares, compared to its average volume of 557,290. The company has a 50-day simple moving average of $27.13 and a 200 day simple moving average of $29.58. Rayonier Inc. has a 1 year low of $25.83 and a 1 year high of $33.95. The company has a market capitalization of $3.64 billion, a PE ratio of 36.11 and a beta of 0.80. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.56 and a quick ratio of 2.29.
Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. Rayonier had a return on equity of 4.18% and a net margin of 9.28%. The firm had revenue of $184.80 million for the quarter, compared to analysts’ expectations of $196.11 million. During the same quarter last year, the firm posted $0.28 EPS. The company’s revenue was down 24.8% compared to the same quarter last year. On average, equities research analysts expect that Rayonier Inc. will post 0.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.79%. Rayonier’s dividend payout ratio is 136.71%.
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, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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