Wells Fargo & Company MN decreased its stake in Rayonier Inc. (NYSE:RYN) by 23.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 477,560 shares of the real estate investment trust’s stock after selling 149,620 shares during the quarter. Wells Fargo & Company MN owned about 0.37% of Rayonier worth $16,147,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Zacks Investment Management boosted its holdings in shares of Rayonier by 4.9% in the 2nd quarter. Zacks Investment Management now owns 34,495 shares of the real estate investment trust’s stock worth $1,335,000 after purchasing an additional 1,613 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in Rayonier by 3.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 50,088 shares of the real estate investment trust’s stock valued at $1,938,000 after acquiring an additional 1,753 shares during the period. Arizona State Retirement System boosted its holdings in Rayonier by 2.3% during the 3rd quarter. Arizona State Retirement System now owns 91,923 shares of the real estate investment trust’s stock valued at $3,108,000 after acquiring an additional 2,088 shares during the period. Oakbrook Investments LLC boosted its holdings in Rayonier by 35.2% during the 3rd quarter. Oakbrook Investments LLC now owns 8,074 shares of the real estate investment trust’s stock valued at $273,000 after acquiring an additional 2,100 shares during the period. Finally, American International Group Inc. boosted its holdings in Rayonier by 0.8% during the 2nd quarter. American International Group Inc. now owns 260,413 shares of the real estate investment trust’s stock valued at $10,075,000 after acquiring an additional 2,186 shares during the period. Hedge funds and other institutional investors own 84.72% of the company’s stock.
Separately, ValuEngine upgraded Rayonier from a “hold” rating to a “buy” rating in a report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Rayonier has an average rating of “Hold” and a consensus price target of $36.50.
Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.12. The firm had revenue of $200.90 million during the quarter, compared to analyst estimates of $179.87 million. Rayonier had a return on equity of 7.34% and a net margin of 18.48%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS. As a group, research analysts forecast that Rayonier Inc. will post 0.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend is Friday, December 14th. Rayonier’s payout ratio is 166.15%.
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 September 30, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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