Rayonier Inc. (RYN) Position Lifted by Bank of New York Mellon Corp
Bank of New York Mellon Corp lifted its stake in Rayonier Inc. (NYSE:RYN) by 0.2% during the second quarter, HoldingsChannel reports. The fund owned 1,543,051 shares of the real estate investment trust’s stock after acquiring an additional 3,379 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rayonier were worth $59,702,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. Zacks Investment Management raised its stake in shares of Rayonier by 4.9% in the 2nd quarter. Zacks Investment Management now owns 34,495 shares of the real estate investment trust’s stock valued at $1,335,000 after acquiring an additional 1,613 shares in the last quarter. Interactive Financial Advisors increased its position in Rayonier by 114.9% in the 2nd quarter. Interactive Financial Advisors now owns 3,204 shares of the real estate investment trust’s stock worth $124,000 after buying an additional 1,713 shares during the period. Oregon Public Employees Retirement Fund increased its position in Rayonier by 3.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 50,088 shares of the real estate investment trust’s stock worth $1,938,000 after buying an additional 1,753 shares during the period. American International Group Inc. increased its position in Rayonier by 0.8% in the 2nd quarter. American International Group Inc. now owns 260,413 shares of the real estate investment trust’s stock worth $10,075,000 after buying an additional 2,186 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its position in Rayonier by 3.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 61,172 shares of the real estate investment trust’s stock worth $2,367,000 after buying an additional 2,260 shares during the period. 85.93% of the stock is currently owned by institutional investors and hedge funds.
RYN has been the topic of several recent analyst reports. ValuEngine downgraded Rayonier from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. Zacks Investment Research downgraded Rayonier from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Rayonier has a consensus rating of “Hold” and a consensus price target of $36.50.
Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.12. The company had revenue of $200.90 million for the quarter, compared to the consensus estimate of $179.87 million. Rayonier had a return on equity of 7.34% and a net margin of 18.48%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 EPS. On average, research analysts forecast that Rayonier Inc. will post 0.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.43%. The ex-dividend date is Friday, December 14th. Rayonier’s dividend payout ratio is currently 166.15%.
Rayonier Company Profile
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 September 30, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
Further Reading: What are defining characteristics of a correction?
Want to see what other hedge funds are holding RYN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Inc. (NYSE:RYN).
Receive News & Ratings for Rayonier Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rayonier and related companies with MarketBeat.com's FREE daily email newsletter.