L2 Asset Management LLC Raises Stock Position in Rayonier Inc. $RYN

L2 Asset Management LLC lifted its position in Rayonier Inc. (NYSE:RYN) by 132.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,897 shares of the real estate investment trust’s stock after buying an additional 23,844 shares during the period. L2 Asset Management LLC’s holdings in Rayonier were worth $907,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RYN. Eurizon Capital SGR S.p.A. purchased a new position in shares of Rayonier in the 4th quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Rayonier by 65.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 627 shares during the last quarter. Hartford Financial Management Inc. grew its position in shares of 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 worth $37,000 after buying an additional 575 shares during the last quarter. Quarry LP grew its position in shares of Rayonier by 19.8% in the 4th quarter. Quarry LP now owns 3,012 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 498 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in shares of Rayonier by 77.9% in the 3rd quarter. Parallel Advisors LLC now owns 2,451 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 1,073 shares during the last quarter. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Rayonier Stock Down 1.0%

RYN stock opened at $21.33 on Wednesday. The firm’s fifty day simple moving average is $20.87 and its 200-day simple moving average is $21.59. The company has a market capitalization of $6.42 billion, a P/E ratio of 7.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33.

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

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 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 Tuesday, June 16th. Rayonier’s dividend payout ratio is 34.44%.

Insider Activity at Rayonier

In other news, CFO Wayne Wasechek sold 2,920 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $21.17, for a total value of $61,816.40. Following the sale, the chief financial officer directly owned 115,530 shares of the company’s stock, valued at $2,445,770.10. This represents a 2.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.85% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on RYN. Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research report on Thursday, April 16th. Truist Financial boosted their target price on shares of Rayonier from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Citigroup dropped their target price on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Finally, BMO Capital Markets dropped their target price on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 19th. 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.80.

Rayonier 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.