The Manufacturers Life Insurance Company Grows Holdings in Rayonier Inc. $RYN

The Manufacturers Life Insurance Company raised its holdings in shares of Rayonier Inc. (NYSE:RYN) by 114.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 802,279 shares of the real estate investment trust’s stock after purchasing an additional 428,502 shares during the quarter. The Manufacturers Life Insurance Company owned 0.27% of Rayonier worth $16,543,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Rayonier by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 21,174,792 shares of the real estate investment trust’s stock worth $458,434,000 after buying an additional 444,503 shares during the period. Norges Bank bought a new stake in Rayonier during the 4th quarter valued at about $313,806,000. Cohen & Steers Inc. boosted its position in Rayonier by 5.6% in the 4th quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust’s stock valued at $293,332,000 after buying an additional 717,021 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in Rayonier by 232.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust’s stock valued at $122,261,000 after buying an additional 3,947,226 shares during the period. Finally, Pictet Asset Management Holding SA increased its position in shares of Rayonier by 42.3% during the first quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust’s stock worth $101,563,000 after acquiring an additional 1,463,118 shares during the period. 89.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RYN has been the subject of several research analyst reports. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Royal Bank Of Canada set a $24.00 price objective on Rayonier in a research note on Thursday, April 16th. Weiss Ratings downgraded Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Truist Financial decreased their target price on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Finally, BMO Capital Markets lowered their target price on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $24.60.

Rayonier Stock Performance

Shares of RYN stock opened at $21.83 on Friday. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 7.23 and a beta of 0.88. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $21.30 and its 200 day moving average is $21.50.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $276.79 million during the quarter, compared to analyst estimates of $280.92 million. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.Rayonier’s revenue was up 233.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) earnings per share. On average, sell-side analysts anticipate that Rayonier Inc. will post 0.4 EPS for the current fiscal year.

Rayonier Dividend Announcement

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

Rayonier 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.