281,600 Shares in Rayonier Inc. $RYN Acquired by Harvey Capital Management Inc.

Harvey Capital Management Inc. acquired a new stake in Rayonier Inc. (NYSE:RYN) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 281,600 shares of the real estate investment trust’s stock, valued at approximately $5,992,000. Rayonier makes up about 1.2% of Harvey Capital Management Inc.’s portfolio, making the stock its 23rd biggest position.

Several other institutional investors have also added to or reduced their stakes in RYN. BlackRock Inc. bought a new position in shares of Rayonier during the second quarter valued at $617,451,000. Norges Bank bought a new stake in shares of Rayonier in the fourth quarter worth approximately $313,806,000. Legal & General Group Plc purchased a new position in shares of Rayonier during the second quarter valued at approximately $213,574,000. Deprince Race & Zollo Inc. bought a new position in Rayonier during the first quarter valued at approximately $85,771,000. Finally, Fuller & Thaler Asset Management Inc. boosted its holdings in Rayonier by 232.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust’s stock worth $122,261,000 after purchasing an additional 3,947,226 shares during the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RYN has been the topic of several research analyst reports. Weiss Ratings raised Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. BMO Capital Markets lowered their target price on Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a report on Tuesday, May 19th. Truist Financial cut their price target on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, July 15th. Finally, Citigroup upped their price target on shares of Rayonier from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Rayonier currently has a consensus rating of “Hold” and a consensus price target of $24.80.

Rayonier Stock Performance

Shares of NYSE RYN opened at $20.63 on Friday. The firm’s fifty day moving average is $21.48 and its two-hundred day moving average is $21.23. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.06. The company has a market cap of $6.14 billion, a P/E ratio of 45.85 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56.

Rayonier (NYSE:RYN) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The firm had revenue of $396.51 million for the quarter, compared to analysts’ expectations of $374.28 million. During the same period in the previous year, the firm posted $0.06 earnings per share. The business’s revenue was up 272.3% compared to the same quarter last year. As a group, analysts anticipate that Rayonier Inc. will post 0.44 EPS for the current fiscal year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Wednesday, September 16th. Rayonier’s dividend payout ratio is currently 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.