Virginia Retirement Systems ET AL Acquires Shares of 29,400 Rayonier Inc. (RYN)
Virginia Retirement Systems ET AL acquired a new position in Rayonier Inc. (NYSE:RYN) during the second quarter, Holdings Channel reports. The firm acquired 29,400 shares of the real estate investment trust’s stock, valued at approximately $771,000.
A number of other institutional investors have also recently bought and sold shares of the company. Integrated Investment Consultants LLC purchased a new position in Rayonier during the second quarter worth approximately $100,000. LS Investment Advisors LLC raised 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 worth $193,000 after buying an additional 3,077 shares in the last quarter. Boston Private Wealth LLC purchased a new position in Rayonier during the second quarter worth approximately $202,000. Hancock Holding Co. purchased a new position in Rayonier during the second quarter worth approximately $215,000. Finally, Timber Hill LLC purchased a new position in Rayonier during the second quarter worth approximately $249,000. 84.91% of the stock is owned by hedge funds and other institutional investors.
Rayonier Inc. (NYSE:RYN) opened at 26.54 on Monday. The stock’s 50 day moving average is $26.98 and its 200-day moving average is $25.90. Rayonier Inc. has a 12-month low of $17.85 and a 12-month high of $28.16. The company has a market cap of $3.25 billion, a P/E ratio of 21.28 and a beta of 0.55.
Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.04. The business earned $132.10 million during the quarter, compared to the consensus estimate of $116.36 million. Rayonier had a net margin of 22.52% and a return on equity of 4.06%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. Analysts predict that Rayonier Inc. will post $0.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date was Wednesday, September 14th. Rayonier’s dividend payout ratio (DPR) is 80.00%.
A number of research firms recently commented on RYN. Zacks Investment Research raised shares of Rayonier from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, August 8th. Buckingham Research downgraded shares of Rayonier from a “buy” rating to a “neutral” rating and set a $29.00 target price for the company. in a research report on Wednesday, September 7th. They noted that the move was a valuation call. Finally, TheStreet upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Rayonier presently has an average rating of “Buy” and an average target price of $26.75.
In related news, VP Shelby L. Pyatt sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $26.97, for a total transaction of $40,455.00. Following the completion of the sale, the vice president now directly owns 6,170 shares of the company’s stock, valued at $166,404.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew G. Wiltshire purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were acquired at an average cost of $25.81 per share, with a total value of $103,240.00. Following the completion of the purchase, the director now owns 15,356 shares of the company’s stock, valued at $396,338.36. The disclosure for this purchase can be found here. Corporate insiders own 0.58% of the company’s stock.
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.
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