Summit Investment Advisors Inc. Sells 648 Shares of Rayonier Inc. (NYSE:RYN)

Summit Investment Advisors Inc. lessened its holdings in shares of Rayonier Inc. (NYSE:RYN) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,860 shares of the real estate investment trust’s stock after selling 648 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Rayonier were worth $701,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Rayonier during the 4th quarter valued at $343,007,000. Franklin Resources Inc. bought a new position in Rayonier during the fourth quarter valued at about $30,935,000. ExodusPoint Capital Management LP bought a new position in Rayonier during the fourth quarter valued at about $4,726,000. Legal & General Group Plc lifted its position in shares of Rayonier by 5.8% in the fourth quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust’s stock worth $81,101,000 after buying an additional 170,087 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Rayonier during the 4th quarter worth about $4,281,000. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RYN shares. Raymond James raised Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective on the stock in a research note on Wednesday, March 12th. Royal Bank of Canada reduced their price objective on shares of Rayonier from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. StockNews.com upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Truist Financial cut their target price on shares of Rayonier from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Monday, January 6th. Finally, Citigroup lowered their price target on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $29.00.

Rayonier Trading Up 0.7 %

Shares of Rayonier stock opened at $25.25 on Friday. Rayonier Inc. has a 1 year low of $22.80 and a 1 year high of $31.29. The company’s fifty day simple moving average is $26.37 and its 200-day simple moving average is $28.09. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 10.70 and a beta of 0.97. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. As a group, sell-side analysts expect that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.2725 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.09 annualized dividend and a yield of 4.32%. Rayonier’s dividend payout ratio (DPR) is 46.19%.

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