DAVENPORT & Co LLC Acquires Shares of 40,475 Rayonier Inc. $RYN

DAVENPORT & Co LLC bought a new position in Rayonier Inc. (NYSE:RYN) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 40,475 shares of the real estate investment trust’s stock, valued at approximately $876,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cary Street Partners Financial LLC boosted its stake in shares of Rayonier by 1.8% during the third quarter. Cary Street Partners Financial LLC now owns 28,345 shares of the real estate investment trust’s stock valued at $752,000 after purchasing an additional 510 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Rayonier by 2.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 24,299 shares of the real estate investment trust’s stock valued at $645,000 after buying an additional 514 shares in the last quarter. Arizona State Retirement System lifted its holdings in Rayonier by 1.2% during the 3rd quarter. Arizona State Retirement System now owns 43,791 shares of the real estate investment trust’s stock valued at $1,162,000 after buying an additional 525 shares in the last quarter. Amalgamated Bank boosted its position in Rayonier by 1.0% in the 3rd quarter. Amalgamated Bank now owns 65,401 shares of the real estate investment trust’s stock valued at $1,736,000 after buying an additional 654 shares during the period. Finally, Blue Trust Inc. boosted its position in Rayonier by 55.5% in the 3rd quarter. Blue Trust Inc. now owns 1,913 shares of the real estate investment trust’s stock valued at $51,000 after buying an additional 683 shares during the period. 89.12% of the stock is currently owned by institutional investors.

Insider Activity at Rayonier

In related news, Chairman Eric J. Cremers sold 169,200 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $21.44, for a total transaction of $3,627,648.00. Following the completion of the sale, the chairman directly owned 709,583 shares in the company, valued at $15,213,459.52. This represents a 19.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.87% of the company’s stock.

Rayonier Price Performance

NYSE RYN opened at $20.60 on Tuesday. The company has a market cap of $6.23 billion, a PE ratio of 6.75 and a beta of 0.98. The firm’s 50 day moving average price is $21.90 and its 200-day moving average price is $22.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.23 and a current ratio of 3.26. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $28.14.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $117.50 million during the quarter, compared to the consensus estimate of $108.71 million. Rayonier had a net margin of 97.94% and a return on equity of 4.09%. Rayonier’s revenue for the quarter was down 24.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Sell-side analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, March 17th. Rayonier’s payout ratio is presently 34.10%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada raised their target price on shares of Rayonier from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 17th. Truist Financial lowered their price target on Rayonier from $28.00 to $26.00 and set a “hold” rating for the company in a report on Tuesday, January 6th. Wall Street Zen cut Rayonier from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Raymond James Financial upgraded Rayonier from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $26.00 to $28.00 in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Rayonier in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $26.00.

About Rayonier

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.