Intech Investment Management LLC Reduces Position in Rayonier Inc. (NYSE:RYN)

Intech Investment Management LLC trimmed its holdings in Rayonier Inc. (NYSE:RYN) by 55.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,137 shares of the real estate investment trust’s stock after selling 15,070 shares during the quarter. Intech Investment Management LLC’s holdings in Rayonier were worth $391,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Impax Asset Management Group plc lifted its position in Rayonier by 17.3% during the second quarter. Impax Asset Management Group plc now owns 6,815,188 shares of the real estate investment trust’s stock worth $197,226,000 after buying an additional 1,004,357 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Rayonier by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 1,240,608 shares of the real estate investment trust’s stock valued at $36,089,000 after purchasing an additional 10,536 shares during the period. Global Alpha Capital Management Ltd. increased its position in Rayonier by 2.9% during the third quarter. Global Alpha Capital Management Ltd. now owns 1,034,127 shares of the real estate investment trust’s stock worth $33,278,000 after purchasing an additional 28,800 shares during the last quarter. Millennium Management LLC boosted its holdings in Rayonier by 56.7% in the 2nd quarter. Millennium Management LLC now owns 752,847 shares of the real estate investment trust’s stock valued at $21,900,000 after purchasing an additional 272,349 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Rayonier by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 449,296 shares of the real estate investment trust’s stock valued at $13,070,000 after purchasing an additional 11,604 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Rayonier news, Director V. Larkin Martin sold 10,011 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,227,935.76. This trade represents a 19.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.83% of the company’s stock.

Rayonier Price Performance

Rayonier stock opened at $31.71 on Wednesday. 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 market capitalization of $4.72 billion, a price-to-earnings ratio of 29.90 and a beta of 1.02. The company’s 50 day simple moving average is $31.37 and its 200-day simple moving average is $30.41. Rayonier Inc. has a 1 year low of $27.40 and a 1 year high of $35.29.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $195.00 million for the quarter, compared to analysts’ expectations of $211.21 million. Rayonier had a return on equity of 2.95% and a net margin of 15.84%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.13 earnings per share. As a group, equities research analysts expect that Rayonier Inc. will post 0.38 earnings per share for the current year.

Rayonier announced that its Board of Directors has authorized a stock buyback plan on Monday, December 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Rayonier Increases Dividend

The firm also recently declared a special dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, December 12th will be paid a dividend of $1.80 per share. This is a positive change from Rayonier’s previous special dividend of $0.20. Rayonier’s dividend payout ratio is 107.55%.

Wall Street Analyst Weigh In

RYN has been the topic of a number of recent analyst reports. Truist Financial upped their price objective on Rayonier from $31.00 to $32.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, November 16th.

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.