Rayonier Inc. (NYSE:RYN) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its position in shares of Rayonier Inc. (NYSE:RYN) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,535 shares of the real estate investment trust’s stock after selling 2,639 shares during the period. Public Employees Retirement System of Ohio’s holdings in Rayonier were worth $1,787,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in RYN. Impax Asset Management Group plc grew its position in Rayonier by 17.3% during the second quarter. Impax Asset Management Group plc now owns 6,815,188 shares of the real estate investment trust’s stock valued at $197,226,000 after acquiring an additional 1,004,357 shares during the period. State Street Corp raised its stake in shares of Rayonier by 2.5% during the third quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock valued at $137,715,000 after purchasing an additional 104,464 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Rayonier by 26.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock valued at $107,890,000 after purchasing an additional 695,810 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rayonier by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,441,846 shares of the real estate investment trust’s stock worth $78,579,000 after buying an additional 7,733 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Rayonier by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,240,608 shares of the real estate investment trust’s stock valued at $36,089,000 after acquiring an additional 10,536 shares during the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Price Performance

Shares of NYSE RYN opened at $26.88 on Thursday. The stock has a market cap of $4.01 billion, a P/E ratio of 25.36 and a beta of 1.02. The firm’s 50-day simple moving average is $30.93 and its 200 day simple moving average is $30.43. Rayonier Inc. has a fifty-two week low of $26.84 and a fifty-two week high of $35.29. The company has a quick ratio of 1.85, a current ratio of 1.99 and a debt-to-equity ratio of 0.71.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The company had revenue of $195.00 million during the quarter, compared to the consensus estimate of $211.21 million. During the same quarter last year, the business earned $0.13 earnings per share. The company’s revenue was down 3.3% on a year-over-year basis. Equities analysts expect that Rayonier Inc. will post 0.38 EPS for the current year.

Rayonier declared that its board has initiated a share repurchase program on Monday, December 2nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Rayonier Increases Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, December 12th will be paid a $1.80 dividend. This is an increase from Rayonier’s previous special dividend of $0.20. Rayonier’s payout ratio is currently 107.55%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Truist Financial upped their price objective on Rayonier from $31.00 to $32.00 and gave the stock a “hold” rating in a research note on Tuesday, October 15th.

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.