State of Michigan Retirement System Has $1.41 Million Stock Holdings in Rayonier Inc. $RYN

State of Michigan Retirement System increased its holdings in shares of Rayonier Inc. (NYSE:RYN) by 86.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,572 shares of the real estate investment trust’s stock after buying an additional 31,807 shares during the quarter. State of Michigan Retirement System’s holdings in Rayonier were worth $1,414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. acquired a new stake in Rayonier during the 4th quarter worth about $34,000. Northwestern Mutual Wealth Management Co. grew its position in Rayonier by 65.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 627 shares in the last quarter. Bayban acquired a new position in Rayonier in the 1st quarter valued at approximately $36,000. Hartford Financial Management Inc. increased its stake in Rayonier by 49.7% in the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 575 shares during the period. Finally, Whittier Trust Co. lifted its position in Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 969 shares in the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

Rayonier Stock Performance

Shares of NYSE RYN opened at $21.77 on Monday. The business’s 50-day simple moving average is $21.01 and its 200-day simple moving average is $21.53. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.21 and a current ratio of 2.53. Rayonier Inc. has a 52 week low of $19.49 and a 52 week high of $27.33. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of 7.21 and a beta of 0.88.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The firm had revenue of $276.79 million during the quarter, compared to analyst estimates of $280.92 million. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The company’s revenue for the quarter was up 233.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. As a group, equities research analysts expect that Rayonier Inc. will post 0.36 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Wednesday, September 16th. Rayonier’s payout ratio is presently 34.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Truist Financial decreased their target price on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, July 15th. Wall Street Zen upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. BMO Capital Markets dropped their target price on Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 19th. Royal Bank Of Canada set a $24.00 price target on Rayonier in a research note on Thursday, April 16th. Finally, Citigroup reduced their target price on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.60.

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.