Rayonier Inc. (NYSE:RYN) Shares Acquired by Millennium Management LLC

Millennium Management LLC grew its holdings in Rayonier Inc. (NYSE:RYN) by 253.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,094,880 shares of the real estate investment trust’s stock after purchasing an additional 784,955 shares during the quarter. Millennium Management LLC owned approximately 0.73% of Rayonier worth $28,576,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RYN. Norges Bank acquired a new stake in shares of Rayonier in the fourth quarter valued at approximately $343,007,000. Deutsche Bank AG grew its position in shares of Rayonier by 730.8% in the fourth quarter. Deutsche Bank AG now owns 1,829,422 shares of the real estate investment trust’s stock valued at $47,748,000 after purchasing an additional 1,609,232 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Rayonier in the fourth quarter valued at approximately $30,935,000. Northern Trust Corp grew its position in shares of Rayonier by 17.9% in the fourth quarter. Northern Trust Corp now owns 1,543,523 shares of the real estate investment trust’s stock valued at $40,286,000 after purchasing an additional 234,629 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Rayonier in the fourth quarter valued at approximately $4,726,000. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RYN has been the subject of several recent analyst reports. Raymond James raised shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 target price for the company in a research note on Wednesday, March 12th. Truist Financial lowered their price objective on Rayonier from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Tuesday, April 22nd. Royal Bank of Canada reduced their target price on Rayonier from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Finally, StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $27.50.

Rayonier Stock Performance

NYSE RYN opened at $24.05 on Tuesday. The business’s 50-day moving average price is $25.38 and its 200 day moving average price is $26.92. Rayonier Inc. has a twelve month low of $22.80 and a twelve month high of $31.29. The company has a market capitalization of $3.75 billion, a PE ratio of 10.19 and a beta of 1.07. 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 released its earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). Rayonier had a return on equity of 3.86% and a net margin of 28.44%. The business had revenue of $82.90 million for the quarter, compared to analysts’ expectations of $152.99 million. During the same quarter last year, the company posted $0.01 earnings per share. The business’s quarterly revenue was down 27.1% compared to the same quarter last year. On average, research analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.2725 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.53%. Rayonier’s dividend payout ratio (DPR) is 46.78%.

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.