Pinnacle Holdings LLC Takes $2.02 Million Position in Rayonier Inc. $RYN

Pinnacle Holdings LLC bought a new stake in shares of Rayonier Inc. (NYSE:RYN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 94,813 shares of the real estate investment trust’s stock, valued at approximately $2,018,000.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Rayonier in the 2nd quarter worth $617,451,000. Vanguard Group Inc. raised its holdings in Rayonier by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 21,174,792 shares of the real estate investment trust’s stock valued at $458,434,000 after acquiring an additional 444,503 shares during the period. Norges Bank bought a new stake in Rayonier during the fourth quarter valued at about $313,806,000. Cohen & Steers Inc. lifted its position in shares of Rayonier by 5.6% in the fourth quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust’s stock valued at $293,332,000 after acquiring an additional 717,021 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its position in shares of 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 valued at $122,261,000 after acquiring an additional 3,947,226 shares in the last quarter. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RYN shares. Truist Financial dropped their price objective on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, July 15th. Weiss Ratings raised Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Citigroup boosted their price target on Rayonier from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Finally, BMO Capital Markets dropped their price target on Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.80.

Rayonier Stock Performance

RYN opened at $21.13 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 46.96 and a beta of 0.87. The company has a fifty day moving average of $21.49 and a 200 day moving average of $21.27. Rayonier Inc. has a fifty-two week low of $19.49 and a fifty-two week high of $27.33.

Rayonier (NYSE:RYN) last announced its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The business had revenue of $396.51 million for the quarter, compared to analysts’ expectations of $374.28 million. During the same quarter in the previous year, the company earned $0.06 EPS. The business’s quarterly revenue was up 272.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Rayonier Inc. will post 0.42 earnings per share for the current fiscal year.

Rayonier Announces Dividend

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 issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier’s payout ratio is 231.11%.

Rayonier Company 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.