Rayonier Inc. $RYN Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its holdings in shares of Rayonier Inc. (NYSE:RYN) by 5.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,639,113 shares of the real estate investment trust’s stock after selling 206,694 shares during the period. Pictet Asset Management Holding SA owned approximately 1.22% of Rayonier worth $66,814,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Rayonier during the 2nd quarter worth approximately $617,451,000. Legal & General Group Plc bought a new position in Rayonier during the second quarter worth $213,574,000. Atlas FRM LLC acquired a new stake in Rayonier in the second quarter worth $83,843,200. Bank of New York Mellon Corp acquired a new stake in Rayonier in the second quarter worth $52,572,000. Finally, Kopernik Global Investors LLC acquired a new stake in Rayonier in the first quarter worth $45,086,000. 89.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RYN has been the topic of several research reports. Weiss Ratings lowered shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. Seaport Research Partners reissued a “buy” rating and set a $30.00 price objective on shares of Rayonier in a research report on Thursday, October 8th. Truist Financial reduced their target price on Rayonier from $24.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, October 12th. Royal Bank Of Canada boosted their target price on Rayonier from $20.00 to $22.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, Citigroup upped their price target on Rayonier from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $24.00.

Insiders Place Their Bets

In related news, EVP Mark Bridwell sold 5,318 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $20.19, for a total value of $107,370.42. Following the transaction, the executive vice president owned 131,661 shares of the company’s stock, valued at approximately $2,658,235.59. This trade represents a 3.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 6,219 shares of company stock valued at $124,088. 0.85% of the stock is currently owned by company insiders.

Rayonier Stock Performance

RYN opened at $21.79 on Tuesday. Rayonier Inc. has a 1-year low of $17.71 and a 1-year high of $24.82. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 37.57 and a beta of 0.88. The company’s fifty day moving average price is $19.50 and its two-hundred day moving average price is $20.88. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The firm had revenue of $565.57 million during the quarter, compared to analysts’ expectations of $406.98 million. Rayonier had a net margin of 11.49% and a return on equity of 2.85%. The business’s revenue was up 218.6% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, analysts expect that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Thursday, December 17th. Rayonier’s dividend payout ratio is currently 179.31%.

About Rayonier

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber.

The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation.

Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.