Public Employees Retirement System of Ohio reduced its position in shares of Rayonier Inc. (NYSE:RYN) by 27.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 55,452 shares of the real estate investment trust’s stock after selling 21,123 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Rayonier were worth $1,680,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of RYN. Pearl River Capital LLC acquired a new position in Rayonier during the 2nd quarter worth approximately $25,000. Personal Wealth Partners purchased a new stake in shares of Rayonier in the second quarter worth approximately $33,000. FMR LLC raised its stake in shares of Rayonier by 119.5% in the first quarter. FMR LLC now owns 1,473 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 802 shares during the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Rayonier in the first quarter worth approximately $72,000. Finally, U S Global Investors Inc. purchased a new stake in shares of Rayonier in the first quarter worth approximately $158,000. 85.06% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on RYN shares. Bank of America lowered their price objective on Rayonier from $32.00 to $31.00 and set an “underperform” rating for the company in a research note on Friday, August 9th. BMO Capital Markets lowered their price objective 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. TheStreet downgraded Rayonier from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. Finally, ValuEngine raised Rayonier from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $31.19.
Rayonier (NYSE:RYN) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $184.80 million during the quarter, compared to analyst estimates of $196.11 million. Rayonier had a return on equity of 4.18% and a net margin of 9.28%. Rayonier’s quarterly revenue was down 24.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. As a group, research analysts predict that Rayonier Inc. will post 0.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Thursday, September 12th. Rayonier’s dividend payout ratio is presently 136.71%.
In other Rayonier news, Director Andrew G. Wiltshire bought 2,000 shares of Rayonier stock in a transaction dated Tuesday, August 27th. The stock was bought at an average cost of $26.34 per share, with a total value of $52,680.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David L. Nunes bought 10,000 shares of Rayonier stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $26.14 per share, with a total value of $261,400.00. Following the completion of the acquisition, the chief executive officer now owns 328,428 shares of the company’s stock, valued at $8,585,107.92. The disclosure for this purchase can be found here. Corporate insiders own 0.47% of the company’s stock.
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 December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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