Prudential Financial Inc. trimmed its holdings in Rayonier Inc. (NYSE:RYN) by 56.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,568 shares of the real estate investment trust’s stock after selling 183,830 shares during the quarter. Prudential Financial Inc.’s holdings in Rayonier were worth $4,320,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Centersquare Investment Management LLC lifted its holdings in Rayonier by 179.4% in the 2nd quarter. Centersquare Investment Management LLC now owns 44,150 shares of the real estate investment trust’s stock valued at $1,338,000 after acquiring an additional 28,350 shares during the last quarter. Global Alpha Capital Management Ltd. lifted its holdings in Rayonier by 3.1% in the 2nd quarter. Global Alpha Capital Management Ltd. now owns 396,540 shares of the real estate investment trust’s stock valued at $12,015,000 after acquiring an additional 11,805 shares during the last quarter. Palladium Partners LLC lifted its holdings in Rayonier by 48.6% in the 2nd quarter. Palladium Partners LLC now owns 22,674 shares of the real estate investment trust’s stock valued at $687,000 after acquiring an additional 7,417 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Rayonier by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 9,008,257 shares of the real estate investment trust’s stock valued at $269,977,000 after buying an additional 81,675 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in Rayonier by 71.3% during the second quarter. Meeder Asset Management Inc. now owns 37,795 shares of the real estate investment trust’s stock valued at $1,144,000 after buying an additional 15,735 shares in the last quarter. 85.03% of the stock is owned by institutional investors.
RYN has been the subject of a number of analyst reports. BMO Capital Markets reduced their price objective on shares of Rayonier from $34.00 to $30.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Bank of America reduced their price objective on shares of Rayonier from $32.00 to $31.00 and set an “underperform” rating for the company in a research note on Friday, August 9th. ValuEngine raised shares of Rayonier from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, TheStreet lowered shares of Rayonier from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $31.19.
RYN stock traded down $0.39 during mid-day trading on Friday, reaching $27.65. 694,186 shares of the stock traded hands, compared to its average volume of 478,306. The company has a current ratio of 2.56, a quick ratio of 2.29 and a debt-to-equity ratio of 0.61. Rayonier Inc. has a 52-week low of $25.83 and a 52-week high of $34.80. The company has a market cap of $3.69 billion, a P/E ratio of 53.70 and a beta of 0.80. The stock’s fifty day moving average is $27.34 and its 200-day moving average is $29.67.
Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Rayonier had a net margin of 9.28% and a return on equity of 4.18%. The company had revenue of $184.80 million during the quarter, compared to analyst estimates of $196.11 million. During the same period in the prior year, the firm earned $0.28 earnings per share. The business’s quarterly revenue was down 24.8% on a year-over-year basis. Equities research analysts expect that Rayonier Inc. will post 0.46 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Thursday, September 12th. Rayonier’s dividend payout ratio is presently 136.71%.
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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