Harvey Capital Management Inc. Acquires Shares of 281,600 Rayonier Inc. $RYN

Harvey Capital Management Inc. acquired a new stake in shares of Rayonier Inc. (NYSE:RYN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 281,600 shares of the real estate investment trust’s stock, valued at approximately $5,992,000. Rayonier comprises approximately 1.2% of Harvey Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Harvey Capital Management Inc. owned 0.09% of Rayonier at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Rayonier during the 2nd quarter valued at $617,451,000. Norges Bank purchased a new stake in shares of Rayonier in the fourth quarter valued at about $313,806,000. Legal & General Group Plc bought a new position in shares of Rayonier during the second quarter valued at about $213,574,000. Deprince Race & Zollo Inc. bought a new position in shares of Rayonier during the first quarter valued at about $85,771,000. Finally, Fuller & Thaler Asset Management Inc. boosted its holdings in Rayonier by 232.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,647,156 shares of the real estate investment trust’s stock worth $122,261,000 after purchasing an additional 3,947,226 shares during the last quarter. 89.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RYN shares. Weiss Ratings upgraded shares of Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Citigroup increased their price target on shares of Rayonier from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. BMO Capital Markets dropped their price objective 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. Finally, Truist Financial cut their price target 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. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $24.80.

Rayonier Stock Down 0.9%

Shares of NYSE:RYN opened at $20.63 on Friday. The stock’s 50-day moving average is $21.48 and its 200 day moving average is $21.23. The company has a market cap of $6.14 billion, a PE ratio of 45.85 and a beta of 0.87. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.56 and a quick ratio of 2.91. Rayonier Inc. has a 1 year low of $19.49 and a 1 year high of $27.06.

Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The firm had revenue of $396.51 million for the quarter, compared to analysts’ expectations of $374.28 million. During the same period in the previous year, the firm earned $0.06 earnings per share. The business’s revenue was up 272.3% compared to the same quarter last year. Sell-side analysts anticipate that Rayonier Inc. will post 0.44 EPS for the current year.

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 annualized dividend and a yield of 5.0%. Rayonier’s payout ratio is presently 231.11%.

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.