Rayonier Inc. (RYN) Sees Large Volume Increase
Shares of Rayonier Inc. (NYSE:RYN) saw an uptick in trading volume on Thursday . 832,735 shares traded hands during 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.
Several brokerages recently issued reports on RYN. Zacks Investment Research raised Rayonier from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, August 8th. TheStreet raised 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 of $26.63 and a 200-day moving average of $24.51. The firm has a market capitalization of $3.35 billion and a PE ratio of 21.95.
Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.04. The firm had revenue of $132.10 million for the quarter, compared to analysts’ expectations of $116.36 million. The business’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities research analysts predict that Rayonier Inc. will post $0.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.65%.
Several hedge funds and 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 worth approximately $2,220,000. Advisors Asset Management Inc. raised 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 during the period. Marshall Wace LLP purchased a new position in Rayonier during the fourth quarter worth approximately $7,845,000. Finally, First Trust Advisors LP raised 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 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).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.