Rayonier Inc. (RYN) Sees Unusually-High Trading Volume
Shares of Rayonier Inc. (NYSE:RYN) saw unusually-strong trading volume on Thursday . Approximately 832,735 shares changed hands during mid-day trading, an increase of 208% from the previous session’s volume of 270,614 shares.The stock last traded at $27.33 and had previously closed at $27.25.
A number of equities analysts recently commented on RYN shares. TheStreet raised Rayonier from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. Zacks Investment Research raised Rayonier from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday.
The firm has a market capitalization of $3.36 billion and a price-to-earnings ratio of 21.97. The stock has a 50 day moving average price of $26.59 and a 200 day moving average price of $24.45.
Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.04. The firm earned $132.10 million during the quarter, compared to analysts’ expectations of $116.36 million. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities research analysts expect that Rayonier Inc. will post $0.38 earnings per share for the current fiscal year.
The company also recently declared 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 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, September 14th.
A number of institutional investors have recently added to or reduced their stakes in RYN. State of Tennessee Treasury Department purchased a new position in Rayonier during the fourth quarter valued at about $2,220,000. Advisors Asset Management Inc. raised its stake in shares of 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 during the period. Marshall Wace LLP bought a new stake in shares of Rayonier during the fourth quarter worth $7,845,000. Finally, First Trust Advisors LP raised its stake in shares of 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 during the period.
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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