Cornercap Investment Counsel Inc. Sells 12,028 Shares of Rayonier Inc. (NYSE:RYN)

Cornercap Investment Counsel Inc. lowered its stake in shares of Rayonier Inc. (NYSE:RYN) by 49.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 12,107 shares of the real estate investment trust’s stock after selling 12,028 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Rayonier were worth $390,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RYN. Vanguard Group Inc. lifted its stake in shares of Rayonier by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 20,802,946 shares of the real estate investment trust’s stock worth $691,490,000 after purchasing an additional 67,646 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Rayonier by 1.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,294,936 shares of the real estate investment trust’s stock worth $541,645,000 after purchasing an additional 196,571 shares during the period. Impax Asset Management Group plc lifted its stake in shares of Rayonier by 17.3% in the 2nd quarter. Impax Asset Management Group plc now owns 6,815,188 shares of the real estate investment trust’s stock worth $197,226,000 after purchasing an additional 1,004,357 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rayonier by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,240,608 shares of the real estate investment trust’s stock worth $36,089,000 after purchasing an additional 10,536 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Rayonier by 56.7% in the 2nd quarter. Millennium Management LLC now owns 752,847 shares of the real estate investment trust’s stock worth $21,900,000 after purchasing an additional 272,349 shares during the period. Institutional investors own 89.12% of the company’s stock.

Rayonier Price Performance

NYSE RYN opened at $29.97 on Friday. Rayonier Inc. has a 12 month low of $27.40 and a 12 month high of $35.29. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 28.27 and a beta of 1.05. The company’s 50 day moving average is $31.46 and its two-hundred day moving average is $30.31. The company has a current ratio of 1.99, a quick ratio of 1.78 and a debt-to-equity ratio of 0.71.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The company had revenue of $195.00 million for the quarter, compared to analysts’ expectations of $211.21 million. During the same period last year, the business earned $0.13 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. As a group, research analysts anticipate that Rayonier Inc. will post 0.38 earnings per share for the current year.

Rayonier Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Tuesday, December 17th. Rayonier’s dividend payout ratio (DPR) is presently 107.55%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of Rayonier from $31.00 to $32.00 and gave the stock a “hold” rating in a research note on Tuesday, October 15th. StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday.

Insider Buying and Selling

In other news, Director V. Larkin Martin sold 10,011 shares of Rayonier stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total transaction of $306,036.27. Following the completion of the sale, the director now directly owns 40,168 shares in the company, valued at approximately $1,227,935.76. This trade represents a 19.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.83% of the stock is owned by corporate insiders.

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.