State of Michigan Retirement System Purchases 31,807 Shares of Rayonier Inc. $RYN

State of Michigan Retirement System grew its holdings in Rayonier Inc. (NYSE:RYN) by 86.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,572 shares of the real estate investment trust’s stock after purchasing an additional 31,807 shares during the quarter. State of Michigan Retirement System’s holdings in Rayonier were worth $1,414,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. lifted its position in shares of Rayonier by 94.4% during the 1st quarter. Principal Financial Group Inc. now owns 621,876 shares of the real estate investment trust’s stock worth $12,823,000 after purchasing an additional 301,959 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Rayonier by 72.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 93,135 shares of the real estate investment trust’s stock worth $1,920,000 after buying an additional 39,039 shares during the period. International Assets Investment Management LLC increased its position in Rayonier by 44.0% in the 1st quarter. International Assets Investment Management LLC now owns 7,733 shares of the real estate investment trust’s stock worth $161,000 after buying an additional 2,364 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Rayonier by 87.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,689 shares of the real estate investment trust’s stock worth $1,437,000 after buying an additional 32,531 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new position in shares of Rayonier during the first quarter worth approximately $242,000. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Performance

Shares of NYSE RYN opened at $21.77 on Monday. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 7.21 and a beta of 0.88. Rayonier Inc. has a one year low of $19.49 and a one year high of $27.33. The business has a fifty day simple moving average of $21.01 and a 200 day simple moving average of $21.53. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.35.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The company had revenue of $276.79 million for the quarter, compared to the consensus estimate of $280.92 million. During the same period in the previous year, the business earned ($0.02) earnings per share. The company’s quarterly revenue was up 233.9% on a year-over-year basis. Sell-side analysts expect that Rayonier Inc. will post 0.36 EPS for the current year.

Rayonier Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Wednesday, September 16th. Rayonier’s dividend payout ratio is presently 34.44%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RYN. Truist Financial lowered their price objective on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Citigroup reduced their price target on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada set a $24.00 price objective on shares of Rayonier in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Rayonier presently has a consensus rating of “Hold” and an average price target of $24.60.

Rayonier Company Profile

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.