Rayonier Inc. (RYN) Sets New 1-Year High at $27.56
Rayonier Inc. (NYSE:RYN) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $27.56 and last traded at $27.37, with a volume of 162,744 shares traded. The stock had previously closed at $27.30.
Several research analysts have recently commented on the company. Zacks Investment Research raised Rayonier from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday. TheStreet upgraded Rayonier from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th.
The firm has a 50 day moving average price of $26.59 and a 200-day moving average price of $24.45. The stock has a market capitalization of $3.38 billion and a P/E ratio of 22.10.
Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.04. The firm earned $132.10 million during the quarter, compared to the consensus estimate of $116.36 million. Rayonier’s revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts expect that Rayonier Inc. will post $0.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Wednesday, September 14th.
A number of hedge funds and institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in Rayonier during the fourth quarter worth $7,845,000. First Trust Advisors LP increased its position in Rayonier by 24.7% in the fourth quarter. First Trust Advisors LP now owns 84,705 shares of the real estate investment trust’s stock worth $1,880,000 after buying an additional 16,776 shares in the last quarter. Advisors Asset Management Inc. increased its position in Rayonier by 24.4% in the fourth quarter. Advisors Asset Management Inc. now owns 64,344 shares of the real estate investment trust’s stock worth $1,428,000 after buying an additional 12,613 shares in the last quarter. Finally, State of Tennessee Treasury Department purchased a new position in Rayonier during the fourth quarter worth $2,220,000.
Rayonier Inc (Rayonier) is a timberland real estate investment trust (REIT). As of December 31, 2014, the Company owned, leased or managed 2.7 million acres of timberlands located in the United States South (1.9 million acres), United States Pacific Northwest (372,000 acres) and New Zealand (451,000 gross acres, or 309,000 net plantable acres).
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