Rayonier Inc. (NYSE:RYN) Shares Sold by State Board of Administration of Florida Retirement System

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State Board of Administration of Florida Retirement System decreased its position in Rayonier Inc. (NYSE:RYN) by 1.8% in the 4th quarter, HoldingsChannel reports. The firm owned 197,832 shares of the real estate investment trust’s stock after selling 3,620 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Rayonier were worth $6,481,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RYN. Pictet Asset Management Ltd. grew its holdings in Rayonier by 2.5% in the 3rd quarter. Pictet Asset Management Ltd. now owns 3,117,315 shares of the real estate investment trust’s stock valued at $87,908,000 after buying an additional 75,383 shares during the period. Confluence Investment Management LLC grew its holdings in Rayonier by 2.2% in the 4th quarter. Confluence Investment Management LLC now owns 3,117,098 shares of the real estate investment trust’s stock valued at $102,116,000 after buying an additional 65,636 shares during the period. Russell Investments Group Ltd. grew its holdings in Rayonier by 22.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 497,382 shares of the real estate investment trust’s stock valued at $14,028,000 after buying an additional 91,577 shares during the period. California Public Employees Retirement System grew its holdings in Rayonier by 40.3% in the 3rd quarter. California Public Employees Retirement System now owns 329,871 shares of the real estate investment trust’s stock valued at $9,302,000 after buying an additional 94,695 shares during the period. Finally, Mackay Shields LLC grew its holdings in Rayonier by 87.1% in the 3rd quarter. Mackay Shields LLC now owns 213,854 shares of the real estate investment trust’s stock valued at $6,031,000 after buying an additional 99,559 shares during the period. 87.14% of the stock is owned by hedge funds and other institutional investors.

Several analysts have commented on RYN shares. Raymond James lowered their price target on Rayonier from $34.00 to $32.00 and set an “outperform” rating for the company in a report on Monday. DA Davidson upgraded Rayonier from a “neutral” rating to a “buy” rating and set a $33.00 target price for the company in a report on Friday, November 1st. Royal Bank of Canada reiterated a “hold” rating on shares of Rayonier in a report on Sunday, February 9th. Finally, Citigroup upped their price target on Rayonier from $30.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $31.79.

NYSE RYN traded down $0.25 on Friday, reaching $29.05. The company had a trading volume of 5,605 shares, compared to its average volume of 644,677. The firm has a market capitalization of $3.79 billion, a PE ratio of 64.67 and a beta of 0.93. Rayonier Inc. has a 1 year low of $25.83 and a 1 year high of $33.10. The firm has a 50-day moving average of $31.46 and a 200-day moving average of $29.52. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.83 and a quick ratio of 1.17.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.02. The firm had revenue of $178.80 million during the quarter, compared to analysts’ expectations of $193.18 million. Rayonier had a return on equity of 3.76% and a net margin of 8.32%. Rayonier’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS. As a group, sell-side analysts expect that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier 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.

Further Reading: Recession

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Institutional Ownership by Quarter for Rayonier (NYSE:RYN)

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