JPMorgan Chase & Co. Sells 163,684 Shares of Rayonier Inc. (RYN)
JPMorgan Chase & Co. lowered its position in shares of Rayonier Inc. (NYSE:RYN) by 1.8% during the first quarter, HoldingsChannel.com reports. The firm owned 8,926,582 shares of the real estate investment trust’s stock after selling 163,684 shares during the quarter. JPMorgan Chase & Co. owned 0.07% of Rayonier worth $281,365,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clean Yield Group bought a new position in shares of Rayonier during the fourth quarter worth approximately $31,000. Doyle Wealth Management bought a new position in shares of Rayonier during the fourth quarter worth approximately $50,000. Pearl River Capital LLC bought a new position in shares of Rayonier during the fourth quarter worth approximately $81,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Rayonier by 351.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,515 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 2,736 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Rayonier by 870.4% during the fourth quarter. Bessemer Group Inc. now owns 3,775 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 3,386 shares during the period. Institutional investors own 86.55% of the company’s stock.
In other Rayonier news, CFO Mark Mchugh sold 10,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $32.62, for a total transaction of $326,200.00. Following the transaction, the chief financial officer now owns 61,613 shares in the company, valued at approximately $2,009,816.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.47% of the stock is owned by company insiders.
Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.09. Rayonier had a return on equity of 5.16% and a net margin of 10.75%. The firm had revenue of $191.50 million for the quarter, compared to analyst estimates of $184.31 million. During the same quarter last year, the company earned $0.31 EPS. The company’s revenue was down 5.8% on a year-over-year basis. Equities research analysts expect that Rayonier Inc. will post 0.53 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.27 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.08 dividend on an annualized basis and a yield of 3.59%. Rayonier’s dividend payout ratio (DPR) is presently 136.71%.
RYN has been the topic of a number of recent research reports. Zacks Investment Research lowered Rayonier from a “hold” rating to a “sell” rating in a research note on Monday, March 18th. TheStreet upgraded Rayonier from a “c+” rating to a “b-” rating in a research note on Tuesday, April 16th. Seaport Global Securities initiated coverage on Rayonier in a research note on Tuesday, April 2nd. They set a “neutral” rating and a $31.74 target price on the stock. Finally, BMO Capital Markets upgraded Rayonier from an “underperform” rating to a “market perform” rating and set a $28.98 target price on the stock in a research note on Friday, February 8th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Rayonier presently has a consensus rating of “Hold” and an average target price of $30.91.
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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, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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