New York State Teachers Retirement System Acquires 3,592 Shares of Rayonier Inc. $RYN

New York State Teachers Retirement System boosted its holdings in shares of Rayonier Inc. (NYSE:RYN) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 169,711 shares of the real estate investment trust’s stock after purchasing an additional 3,592 shares during the period. New York State Teachers Retirement System’s holdings in Rayonier were worth $3,764,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elequin Capital LP bought a new position in Rayonier during the first quarter valued at approximately $30,000. GKV Capital Management Co. Inc. bought a new position in Rayonier during the first quarter valued at approximately $32,000. IFP Advisors Inc raised its position in Rayonier by 8,272.0% during the second quarter. IFP Advisors Inc now owns 2,093 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 2,068 shares in the last quarter. Headlands Technologies LLC raised its position in Rayonier by 223.4% during the first quarter. Headlands Technologies LLC now owns 2,076 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 1,434 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Rayonier by 54.6% during the first quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 947 shares in the last quarter. Institutional investors own 89.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RYN. Citigroup raised their price objective on shares of Rayonier from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, August 21st. Royal Bank Of Canada lifted their price target on shares of Rayonier from $26.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, August 8th. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rayonier in a research report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Rayonier currently has an average rating of “Hold” and an average price target of $28.00.

Rayonier Trading Down 1.3%

Shares of RYN stock opened at $24.59 on Tuesday. Rayonier Inc. has a 1 year low of $21.84 and a 1 year high of $32.88. The firm’s fifty day simple moving average is $26.15 and its 200 day simple moving average is $24.58. The firm has a market capitalization of $3.79 billion, a P/E ratio of 4.97 and a beta of 0.99. The company has a current ratio of 3.50, a quick ratio of 3.38 and a debt-to-equity ratio of 0.37.

Rayonier (NYSE:RYN) last announced its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Rayonier had a net margin of 68.53% and a return on equity of 3.39%. The business had revenue of $106.50 million for the quarter, compared to analyst estimates of $95.30 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Rayonier’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th will be given a dividend of $0.2725 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $1.09 dividend on an annualized basis and a yield of 4.4%. Rayonier’s payout ratio is 22.02%.

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.