Texas Permanent School Fund Increases Position in Rayonier Inc. (NYSE:RYN)
Texas Permanent School Fund boosted its stake in shares of Rayonier Inc. (NYSE:RYN) by 5.7% during the second quarter, Holdings Channel reports. The firm owned 94,058 shares of the real estate investment trust’s stock after buying an additional 5,039 shares during the period. Texas Permanent School Fund’s holdings in Rayonier were worth $2,706,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in Rayonier by 1.8% in the first quarter. IFP Advisors Inc now owns 3,881 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 67 shares during the period. Creative Planning boosted its stake in Rayonier by 36.2% in the second quarter. Creative Planning now owns 5,326 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 1,417 shares during the period. Independent Portfolio Consultants Inc. purchased a new stake in Rayonier during the second quarter valued at approximately $157,000. Envestnet Asset Management Inc. boosted its stake in Rayonier by 9.1% in the first quarter. Envestnet Asset Management Inc. now owns 6,256 shares of the real estate investment trust’s stock valued at $177,000 after buying an additional 523 shares during the period. Finally, Washington Trust Bank boosted its stake in Rayonier by 2,490.8% in the first quarter. Washington Trust Bank now owns 7,021 shares of the real estate investment trust’s stock valued at $199,000 after buying an additional 6,750 shares during the period. 82.59% of the stock is owned by institutional investors.
Shares of Rayonier Inc. (NYSE RYN) opened at 29.38 on Tuesday. The firm has a market capitalization of $3.78 billion, a PE ratio of 24.75 and a beta of 0.35. The company’s 50 day moving average price is $28.86 and its 200-day moving average price is $28.44. Rayonier Inc. has a 52 week low of $25.24 and a 52 week high of $29.86.
Rayonier (NYSE:RYN) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.09. Rayonier had a return on equity of 5.03% and a net margin of 19.10%. The company had revenue of $194.70 million during the quarter, compared to analysts’ expectations of $151.50 million. During the same period in the prior year, the company earned $0.07 EPS. Rayonier’s revenue was up 47.4% compared to the same quarter last year. On average, equities research analysts expect that Rayonier Inc. will post $0.40 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, September 14th. Rayonier’s payout ratio is 84.75%.
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Several research firms have recently commented on RYN. BMO Capital Markets reissued a “buy” rating and issued a $31.00 target price on shares of Rayonier in a research note on Wednesday, April 19th. Royal Bank Of Canada reissued a “hold” rating and issued a $28.00 target price on shares of Rayonier in a research note on Monday, July 31st. Zacks Investment Research cut Rayonier from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub cut Rayonier from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Vertical Research raised Rayonier to a “buy” rating in a research note on Sunday, May 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $30.00.
In related news, Director Andrew G. Wiltshire acquired 6,650 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was acquired at an average cost of $27.87 per share, for a total transaction of $185,335.50. Following the completion of the acquisition, the director now directly owns 26,006 shares of the company’s stock, valued at approximately $724,787.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by corporate insiders.
Rayonier Company Profile
Rayonier Inc is a timberland real estate investment trust with assets located in some of the 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. The 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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