Rayonier (NYSE:RYN) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Rayonier (NYSE:RYN) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other research firms also recently commented on RYN. Truist Financial lowered their price objective on shares of Rayonier from $34.00 to $31.00 and set a hold rating for the company in a research note on Tuesday, July 16th. Royal Bank of Canada reiterated a sector perform rating and set a $34.00 price objective on shares of Rayonier in a research note on Friday, June 14th.

Rayonier Price Performance

NYSE RYN opened at $29.45 on Friday. The firm’s fifty day simple moving average is $29.39 and its two-hundred day simple moving average is $30.93. The company has a current ratio of 1.98, a quick ratio of 1.78 and a debt-to-equity ratio of 0.75. Rayonier has a 12-month low of $24.84 and a 12-month high of $35.29. The firm has a market capitalization of $4.38 billion, a P/E ratio of 26.29 and a beta of 1.05.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). Rayonier had a return on equity of 3.00% and a net margin of 14.78%. The firm had revenue of $173.60 million during the quarter, compared to analysts’ expectations of $218.86 million. During the same period in the prior year, the firm posted $0.05 earnings per share. Rayonier’s revenue for the quarter was down 16.9% compared to the same quarter last year. Analysts forecast that Rayonier will post 0.41 EPS for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.285 per share. The ex-dividend date is Monday, September 16th. This represents a $1.14 dividend on an annualized basis and a yield of 3.87%. Rayonier’s dividend payout ratio is presently 101.79%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Algert Global LLC lifted its position in Rayonier by 16.9% during the second quarter. Algert Global LLC now owns 98,411 shares of the real estate investment trust’s stock valued at $2,863,000 after purchasing an additional 14,221 shares during the period. The Manufacturers Life Insurance Company lifted its position in Rayonier by 2.7% during the second quarter. The Manufacturers Life Insurance Company now owns 449,296 shares of the real estate investment trust’s stock valued at $13,070,000 after purchasing an additional 11,604 shares during the period. Millennium Management LLC lifted its position in Rayonier by 56.7% during the second quarter. Millennium Management LLC now owns 752,847 shares of the real estate investment trust’s stock valued at $21,900,000 after purchasing an additional 272,349 shares during the period. Bank of Montreal Can lifted its position in Rayonier by 2.1% during the second quarter. Bank of Montreal Can now owns 23,606 shares of the real estate investment trust’s stock valued at $716,000 after purchasing an additional 490 shares during the period. Finally, Ensign Peak Advisors Inc lifted its position in Rayonier by 13.8% during the second quarter. Ensign Peak Advisors Inc now owns 69,021 shares of the real estate investment trust’s stock valued at $2,008,000 after purchasing an additional 8,385 shares during the period. 89.12% of the stock is currently owned by institutional investors and hedge funds.

About Rayonier

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, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.