Prudential Financial Inc. cut its stake in shares of Rayonier Inc. (NYSE:RYN) by 8.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 874,396 shares of the real estate investment trust’s stock after selling 83,020 shares during the period. Prudential Financial Inc. owned approximately 0.68% of Rayonier worth $29,563,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Rayonier by 4.5% during the second quarter. BlackRock Inc. now owns 13,594,331 shares of the real estate investment trust’s stock worth $525,964,000 after acquiring an additional 580,100 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Rayonier by 26.2% during the second quarter. Renaissance Technologies LLC now owns 2,370,400 shares of the real estate investment trust’s stock worth $91,711,000 after acquiring an additional 491,650 shares in the last quarter. Northern Trust Corp lifted its holdings in Rayonier by 0.9% during the second quarter. Northern Trust Corp now owns 2,182,268 shares of the real estate investment trust’s stock worth $84,432,000 after acquiring an additional 20,391 shares in the last quarter. Marathon Asset Management LLP lifted its holdings in Rayonier by 1.5% during the second quarter. Marathon Asset Management LLP now owns 1,645,138 shares of the real estate investment trust’s stock worth $63,645,000 after acquiring an additional 24,693 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in Rayonier by 191.7% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,245,414 shares of the real estate investment trust’s stock worth $42,107,000 after acquiring an additional 818,534 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on RYN shares. Zacks Investment Research lowered Rayonier from a “buy” rating to a “hold” rating in a report on Monday, July 30th. ValuEngine lowered Rayonier from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $36.50.
Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, October 31st. The real estate investment trust reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.12. The firm had revenue of $200.90 million for the quarter, compared to analyst estimates of $179.87 million. Rayonier had a return on equity of 7.34% and a net margin of 18.48%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. Analysts predict that Rayonier Inc. will post 0.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, December 14th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.46%. Rayonier’s dividend payout ratio (DPR) is 166.15%.
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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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