Rhumbline Advisers Increases Stake in Rayonier Inc. (NYSE:RYN)
Rhumbline Advisers boosted its stake in Rayonier Inc. (NYSE:RYN) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 377,952 shares of the real estate investment trust’s stock after purchasing an additional 30,884 shares during the period. Rhumbline Advisers owned about 0.29% of Rayonier worth $8,901,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in RYN. Norges Bank purchased a new position in Rayonier in the 4th quarter worth approximately $60,983,000. Pictet Asset Management Ltd. grew its position in shares of Rayonier by 12.9% in the 4th quarter. Pictet Asset Management Ltd. now owns 3,520,978 shares of the real estate investment trust’s stock worth $115,347,000 after buying an additional 403,663 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Rayonier by 12.4% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,056,789 shares of the real estate investment trust’s stock worth $71,987,000 after buying an additional 337,653 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Rayonier by 8.8% in the 1st quarter. Victory Capital Management Inc. now owns 2,855,809 shares of the real estate investment trust’s stock worth $67,254,000 after buying an additional 231,226 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in shares of Rayonier in the 4th quarter worth approximately $5,581,000. 88.19% of the stock is currently owned by institutional investors and hedge funds.
NYSE RYN opened at $23.16 on Friday. The company has a quick ratio of 2.54, a current ratio of 2.73 and a debt-to-equity ratio of 0.75. Rayonier Inc. has a twelve month low of $15.96 and a twelve month high of $33.10. The firm has a market capitalization of $2.91 billion, a PE ratio of 50.35 and a beta of 0.90. The stock’s 50 day moving average is $23.77 and its 200 day moving average is $27.83.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.08 annualized dividend and a dividend yield of 4.66%. Rayonier’s dividend payout ratio is presently 234.78%.
In related news, VP W. Rhett Rogers bought 1,500 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average cost of $24.04 per share, with a total value of $36,060.00. Following the completion of the acquisition, the vice president now owns 13,037 shares of the company’s stock, valued at approximately $313,409.48. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired 2,733 shares of company stock worth $64,207 over the last three months. Corporate insiders own 0.86% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. Citigroup upgraded Rayonier from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $33.00 to $29.00 in a research report on Friday, March 27th. Royal Bank of Canada reiterated a “hold” rating and issued a $25.00 price objective on shares of Rayonier in a research report on Thursday, April 16th. Finally, Raymond James lifted their price objective on Rayonier from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.50.
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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