Penn Mutual Asset Management Invests $251,000 in Rayonier Inc. (NYSE:RYN)

Penn Mutual Asset Management acquired a new position in shares of Rayonier Inc. (NYSE:RYN) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 9,000 shares of the real estate investment trust’s stock, valued at approximately $251,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American National Bank & Trust bought a new position in shares of Rayonier during the 1st quarter worth about $28,000. Parallel Advisors LLC increased its holdings in shares of Rayonier by 133.5% during the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 642 shares during the period. GKV Capital Management Co. Inc. bought a new position in shares of Rayonier during the 1st quarter worth about $32,000. Byrne Asset Management LLC bought a new position in shares of Rayonier during the 1st quarter worth about $38,000. Finally, Headlands Technologies LLC increased its holdings in shares of Rayonier by 223.4% during the 1st quarter. Headlands Technologies LLC now owns 2,076 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 1,434 shares during the period. Institutional investors own 89.12% of the company’s stock.

Rayonier Stock Performance

NYSE RYN opened at $26.36 on Friday. The stock has a market cap of $4.06 billion, a P/E ratio of 5.33 and a beta of 1.00. The company’s 50-day simple moving average is $23.72 and its 200 day simple moving average is $24.80. Rayonier Inc. has a twelve month low of $21.84 and a twelve month high of $32.88. The company has a quick ratio of 2.60, a current ratio of 3.50 and a debt-to-equity ratio of 0.37.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $106.50 million for the quarter, compared to analysts’ expectations of $95.30 million. Rayonier had a net margin of 68.53% and a return on equity of 3.39%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.02 earnings per share. As a group, research analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Rayonier’s dividend payout ratio is currently 22.02%.

Analyst Ratings Changes

Several research analysts have recently issued reports on RYN shares. Truist Financial dropped their price objective on shares of Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Citigroup decreased their target price on shares of Rayonier from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 3rd. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada upped their target price on shares of Rayonier from $26.00 to $27.00 and gave the company a “sector perform” rating in a research note on Friday, August 8th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $27.75.

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.