Sumitomo Mitsui Trust Group Inc. Lowers Stake in Rayonier Inc. (NYSE:RYN)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Rayonier Inc. (NYSE:RYN) by 6.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,557 shares of the real estate investment trust’s stock after selling 4,101 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Rayonier were worth $1,820,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Entropy Technologies LP bought a new stake in shares of Rayonier in the third quarter valued at about $338,000. Venturi Wealth Management LLC raised its holdings in shares of Rayonier by 165.1% in the third quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 672 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Rayonier by 1.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 65,078 shares of the real estate investment trust’s stock valued at $2,094,000 after acquiring an additional 768 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in Rayonier by 2,950.1% in the third quarter. Crossmark Global Holdings Inc. now owns 296,222 shares of the real estate investment trust’s stock worth $9,532,000 after purchasing an additional 286,510 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Rayonier by 135.7% in the third quarter. Covestor Ltd now owns 1,782 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,026 shares in the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Stock Performance

Shares of Rayonier stock opened at $30.07 on Wednesday. The company has a market capitalization of $4.48 billion, a PE ratio of 28.37 and a beta of 1.05. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.85 and a current ratio of 1.99. The company has a 50-day simple moving average of $31.44 and a two-hundred day simple moving average of $30.32. Rayonier Inc. has a one year low of $27.40 and a one year high of $35.29.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The company had revenue of $195.00 million for the quarter, compared to analyst estimates of $211.21 million. During the same quarter last year, the company earned $0.13 EPS. The business’s revenue was down 3.3% compared to the same quarter last year. Research analysts expect that Rayonier Inc. will post 0.38 EPS for the current fiscal year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a $0.285 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $1.14 dividend on an annualized basis and a yield of 3.79%. Rayonier’s dividend payout ratio is currently 107.55%.

Insider Activity at Rayonier

In other Rayonier news, Director V. Larkin Martin sold 10,011 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total value of $306,036.27. Following the sale, the director now owns 40,168 shares in the company, valued at approximately $1,227,935.76. This represents a 19.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.83% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a report on Saturday. Truist Financial boosted their target price on shares of Rayonier from $31.00 to $32.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th.

Rayonier Profile

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, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.