1,749,941 Shares in Rayonier Inc. $RYN Bought by Private Management Group Inc.

Private Management Group Inc. acquired a new position in shares of Rayonier Inc. (NYSE:RYN) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,749,941 shares of the real estate investment trust’s stock, valued at approximately $32,129,000.

Other institutional investors have also recently modified their holdings of the company. Fulcrum Asset Management LLP purchased a new stake in Rayonier in the 3rd quarter valued at approximately $363,000. Uhlmann Price Securities LLC purchased a new position in Rayonier during the third quarter worth $322,000. Parallel Advisors LLC raised its holdings in shares of Rayonier by 115.9% in the third quarter. Parallel Advisors LLC now owns 5,575 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 2,993 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in shares of Rayonier by 80.7% in the third quarter. Kestra Advisory Services LLC now owns 26,832 shares of the real estate investment trust’s stock worth $493,000 after acquiring an additional 11,980 shares during the last quarter. Finally, Bfsg LLC raised its holdings in shares of Rayonier by 3.1% in the third quarter. Bfsg LLC now owns 271,494 shares of the real estate investment trust’s stock worth $4,985,000 after acquiring an additional 8,037 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Mark Bridwell sold 5,318 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $20.19, for a total transaction of $107,370.42. Following the sale, the executive vice president owned 131,661 shares in the company, valued at $2,658,235.59. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 6,219 shares of company stock worth $124,088 in the last 90 days. 0.85% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Rayonier from $20.00 to $22.00 and gave the company a “sector perform” rating in a research report on Friday. Citigroup lifted their price objective on Rayonier from $19.00 to $23.00 and gave the stock a “neutral” rating in a research report on Monday. Truist Financial cut their target price on shares of Rayonier from $24.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, October 12th. Seaport Research Partners reissued a “buy” rating and issued a $30.00 target price on shares of Rayonier in a research note on Thursday, October 8th. Finally, Weiss Ratings lowered shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $24.00.

Rayonier Stock Performance

Shares of RYN opened at $21.79 on Tuesday. Rayonier Inc. has a 1 year low of $17.71 and a 1 year high of $24.82. The company’s 50 day simple moving average is $19.50 and its 200 day simple moving average is $20.88. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 37.57 and a beta of 0.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56.

Rayonier (NYSE:RYN) last released its earnings results on Wednesday, November 4th. The real estate investment trust reported $0.13 EPS for the quarter, topping the consensus estimate of $0.10 by $0.03. The firm had revenue of $565.57 million during the quarter, compared to analysts’ expectations of $406.98 million. Rayonier had a net margin of 11.49% and a return on equity of 2.85%. Rayonier’s revenue for the quarter was up 218.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 EPS. On average, sell-side analysts predict that Rayonier Inc. will post 0.42 EPS for the current year.

Rayonier Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Thursday, December 17th. Rayonier’s dividend payout ratio is currently 179.31%.

Rayonier Company Profile

Rayonier is a real estate investment trust focused on owning and managing timberlands in the United States. Its portfolio includes forestland in the U.S. South and Pacific Northwest, where the company grows and harvests timber.

The company sells logs and other wood products to customers in industries such as lumber, pulp and paper. It also generates revenue by selling land for uses including real estate development, recreation and conservation.

Rayonier traces its roots to 1926, when Rainier Pulp and Paper Company was established in Washington state.