37,658 Shares in Rayonier Inc. $RYN Acquired by L2 Asset Management LLC

L2 Asset Management LLC bought a new position in shares of Rayonier Inc. (NYSE:RYN) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 37,658 shares of the real estate investment trust’s stock, valued at approximately $801,000.

A number of other hedge funds have also bought and sold shares of RYN. Quarry LP raised its holdings in shares of Rayonier by 19.8% in the fourth quarter. Quarry LP now owns 3,012 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 498 shares during the last quarter. Greenwood Gearhart Inc. increased its position in shares of Rayonier by 4.9% in the 4th quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust’s stock valued at $234,000 after acquiring an additional 502 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Rayonier by 65.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 627 shares during the period. Keybank National Association OH raised its stake in Rayonier by 4.4% in the 4th quarter. Keybank National Association OH now owns 15,641 shares of the real estate investment trust’s stock worth $339,000 after acquiring an additional 656 shares during the last quarter. Finally, Painted Porch Advisors LLC lifted its position in Rayonier by 4.9% during the 4th quarter. Painted Porch Advisors LLC now owns 14,421 shares of the real estate investment trust’s stock worth $312,000 after acquiring an additional 671 shares during the period. Institutional investors and hedge funds own 89.12% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Truist Financial dropped their price target on Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings upgraded Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Citigroup lifted their target price on Rayonier from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Finally, BMO Capital Markets dropped their target price on Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.80.

Rayonier Trading Up 0.0%

Shares of Rayonier stock opened at $21.21 on Tuesday. The stock has a market cap of $6.31 billion, a PE ratio of 47.13 and a beta of 0.87. The firm has a fifty day moving average price of $21.48 and a 200 day moving average price of $21.26. Rayonier Inc. has a 1 year low of $19.49 and a 1 year high of $27.10. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91.

Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The firm’s revenue was up 272.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 earnings per share. Equities research analysts predict that Rayonier Inc. will post 0.42 earnings per share for the current year.

Rayonier Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.9%. Rayonier’s dividend payout ratio is presently 231.11%.

About Rayonier

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.