Municipal Employees Retirement System of Michigan Cuts Holdings in Rayonier Inc. (RYN)
Municipal Employees Retirement System of Michigan lessened its stake in Rayonier Inc. (NYSE:RYN) by 21.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,990 shares of the real estate investment trust’s stock after selling 10,740 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Rayonier were worth $1,126,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in RYN. BlackRock Inc. grew its stake in Rayonier by 6.5% in the 2nd quarter. BlackRock Inc. now owns 12,050,093 shares of the real estate investment trust’s stock worth $346,681,000 after buying an additional 732,408 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Rayonier by 282.4% in the 2nd quarter. Wells Fargo & Company MN now owns 781,621 shares of the real estate investment trust’s stock valued at $22,487,000 after purchasing an additional 577,214 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Rayonier by 5.5% in the 2nd quarter. Vanguard Group Inc. now owns 10,611,621 shares of the real estate investment trust’s stock valued at $305,296,000 after purchasing an additional 551,924 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Rayonier by 25.7% in the 3rd quarter. Pictet Asset Management Ltd. now owns 2,205,523 shares of the real estate investment trust’s stock valued at $63,717,000 after purchasing an additional 451,033 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Rayonier by 2,414.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 352,006 shares of the real estate investment trust’s stock valued at $10,127,000 after purchasing an additional 338,006 shares in the last quarter. 83.02% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on RYN shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price objective on shares of Rayonier in a research note on Friday, September 29th. Zacks Investment Research raised shares of Rayonier from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective for the company in a research note on Monday, November 6th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $29.00 price objective on shares of Rayonier in a research note on Wednesday, November 15th. Finally, BidaskClub raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Rayonier presently has a consensus rating of “Buy” and an average price target of $31.25.
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Shares of Rayonier Inc. (RYN) opened at $31.52 on Wednesday. The firm has a market cap of $4,009.78, a price-to-earnings ratio of 63.47, a price-to-earnings-growth ratio of 11.57 and a beta of 0.36. The company has a current ratio of 1.74, a quick ratio of 1.45 and a debt-to-equity ratio of 0.62. Rayonier Inc. has a 12-month low of $26.07 and a 12-month high of $31.67.
Rayonier (NYSE:RYN) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.14. Rayonier had a net margin of 17.06% and a return on equity of 3.89%. The business had revenue of $177.90 million during the quarter, compared to analysts’ expectations of $144.06 million. During the same quarter in the prior year, the company posted $0.33 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. equities research analysts expect that Rayonier Inc. will post 0.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.00 annualized dividend and a yield of 3.17%. Rayonier’s dividend payout ratio (DPR) is presently 95.24%.
Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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