Novare Capital Management LLC cut its position in shares of Rayonier Inc. (NYSE:RYN) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,705 shares of the real estate investment trust’s stock after selling 525 shares during the period. Novare Capital Management LLC’s holdings in Rayonier were worth $258,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can bought a new position in Rayonier during the second quarter valued at $3,237,000. LS Investment Advisors LLC boosted its position in Rayonier by 72.1% in the second quarter. LS Investment Advisors LLC now owns 7,345 shares of the real estate investment trust’s stock valued at $193,000 after buying an additional 3,077 shares during the period. Bollard Group LLC boosted its position in Rayonier by 1.0% in the second quarter. Bollard Group LLC now owns 86,722 shares of the real estate investment trust’s stock valued at $2,276,000 after buying an additional 833 shares during the period. FCM Investments TX boosted its position in Rayonier by 83.1% in the second quarter. FCM Investments TX now owns 41,041 shares of the real estate investment trust’s stock valued at $1,077,000 after buying an additional 18,626 shares during the period. Finally, Hartford Financial Management Inc. boosted its position in Rayonier by 14.4% in the second quarter. Hartford Financial Management Inc. now owns 9,950 shares of the real estate investment trust’s stock valued at $261,000 after buying an additional 1,250 shares during the period. Institutional investors own 84.96% of the company’s stock.
Shares of Rayonier Inc. (NYSE:RYN) opened at 27.20 on Friday. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 19.20 and a beta of 0.38. Rayonier Inc. has a 12-month low of $17.85 and a 12-month high of $28.16. The firm’s 50-day moving average is $26.42 and its 200-day moving average is $26.42.
Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.20. The business had revenue of $171.40 million for the quarter, compared to analyst estimates of $153.91 million. Rayonier had a net margin of 24.68% and a return on equity of 5.37%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the business posted $0.17 EPS. Analysts predict that Rayonier Inc. will post $0.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 16th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, December 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.69%. Rayonier’s dividend payout ratio is 70.92%.
Several research analysts recently weighed in on RYN shares. TheStreet upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research raised shares of Rayonier from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, August 8th. Finally, Buckingham Research lowered shares of Rayonier from a “buy” rating to a “neutral” rating and set a $29.00 target price for the company. in a report on Wednesday, September 7th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Rayonier has a consensus rating of “Buy” and an average target price of $26.75.
In related news, Director Andrew G. Wiltshire acquired 4,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was acquired at an average price of $25.81 per share, with a total value of $103,240.00. Following the purchase, the director now directly owns 15,356 shares in the company, valued at $396,338.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark R. Bridwell sold 2,114 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $26.84, for a total transaction of $56,739.76. Following the completion of the transaction, the vice president now directly owns 14,925 shares of the company’s stock, valued at approximately $400,587. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
Rayonier Company Profile
Rayonier Inc is a timberland real estate investment trust (REIT) with assets located in timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. Its Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.