JPMorgan Chase & Co. Purchases 94,033 Shares of Rayonier Inc. $RYN

JPMorgan Chase & Co. grew its position in Rayonier Inc. (NYSE:RYN) by 2.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,782,342 shares of the real estate investment trust’s stock after purchasing an additional 94,033 shares during the period. JPMorgan Chase & Co.’s holdings in Rayonier were worth $100,383,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Hartford Financial Management Inc. bought a new position in Rayonier during the 3rd quarter valued at about $31,000. Allworth Financial LP boosted its position in shares of Rayonier by 213.7% during the second quarter. Allworth Financial LP now owns 1,217 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 829 shares during the period. GAMMA Investing LLC grew its stake in shares of Rayonier by 138.9% during the third quarter. GAMMA Investing LLC now owns 1,696 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 986 shares during the last quarter. Caldwell Trust Co bought a new position in shares of Rayonier during the second quarter valued at approximately $39,000. Finally, Blue Trust Inc. raised its holdings in shares of Rayonier by 55.5% in the third quarter. Blue Trust Inc. now owns 1,913 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 683 shares during the period. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Price Performance

Shares of RYN opened at $20.38 on Wednesday. The company’s fifty day moving average price is $22.50 and its 200-day moving average price is $23.23. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.26 and a quick ratio of 3.23. The firm has a market capitalization of $6.16 billion, a PE ratio of 6.68 and a beta of 0.98. Rayonier Inc. has a 1-year low of $20.02 and a 1-year high of $28.31.

Rayonier (NYSE:RYN) last issued its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. The firm had revenue of $117.50 million during the quarter, compared to analysts’ expectations of $108.71 million. Rayonier had a net margin of 97.94% and a return on equity of 4.09%. The firm’s revenue was down 24.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 earnings per share. On average, equities research analysts predict that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, March 17th. Rayonier’s payout ratio is 35.74%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Royal Bank Of Canada upped their price objective on Rayonier from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 17th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Rayonier in a research report on Monday, December 29th. Wall Street Zen lowered shares of Rayonier from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Raymond James Financial upgraded Rayonier from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $26.00 to $28.00 in a report on Friday, February 13th. Finally, Truist Financial dropped their target price on Rayonier from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.00.

Insider Activity at Rayonier

In other news, Chairman Eric J. Cremers sold 169,200 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $21.44, for a total value of $3,627,648.00. Following the sale, the chairman owned 709,583 shares in the company, valued at $15,213,459.52. This represents a 19.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.83% of the stock is owned by insiders.

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.