Parallel Advisors LLC Acquires 642 Shares of Rayonier Inc. (NYSE:RYN)

Parallel Advisors LLC lifted its holdings in shares of Rayonier Inc. (NYSE:RYN) by 133.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,123 shares of the real estate investment trust’s stock after purchasing an additional 642 shares during the quarter. Parallel Advisors LLC’s holdings in Rayonier were worth $31,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Rayonier during the 4th quarter worth approximately $343,007,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Rayonier by 0.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,372,817 shares of the real estate investment trust’s stock worth $88,031,000 after acquiring an additional 20,126 shares during the period. Legal & General Group Plc boosted its stake in shares of Rayonier by 5.8% during the 4th quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust’s stock worth $81,101,000 after acquiring an additional 170,087 shares during the period. Geode Capital Management LLC boosted its stake in shares of Rayonier by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 2,632,193 shares of the real estate investment trust’s stock worth $68,719,000 after acquiring an additional 39,332 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rayonier by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust’s stock worth $64,958,000 after acquiring an additional 46,956 shares during the period. 89.12% of the stock is currently owned by institutional investors.

Rayonier Price Performance

Shares of NYSE RYN opened at $23.77 on Tuesday. The stock has a market capitalization of $3.70 billion, a PE ratio of 10.07 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. The business has a fifty day moving average price of $24.08 and a two-hundred day moving average price of $26.18. Rayonier Inc. has a fifty-two week low of $22.80 and a fifty-two week high of $31.29.

Rayonier (NYSE:RYN) last announced its quarterly earnings data 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 net margin of 28.44% and a return on equity of 3.86%. The company had revenue of $82.90 million during the quarter, compared to analyst estimates of $152.99 million. During the same period in the prior year, the firm earned $0.01 earnings per share. Rayonier’s revenue was down 27.1% on a year-over-year basis. As a group, equities analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.2725 per share. The ex-dividend date is Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.59%. Rayonier’s dividend payout ratio (DPR) is currently 46.78%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Truist Financial reduced their target price on Rayonier from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Citigroup reduced their price target on Rayonier from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Tuesday, June 3rd. Raymond James upgraded Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price target for the company in a research note on Wednesday, March 12th. Royal Bank of Canada reduced their price target on Rayonier from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $27.75.

Rayonier 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.