Convergence Investment Partners LLC Has $2.18 Million Position in Rayonier Inc. $RYN

Convergence Investment Partners LLC boosted its position in Rayonier Inc. (NYSE:RYN) by 494.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,900 shares of the real estate investment trust’s stock after purchasing an additional 83,915 shares during the period. Convergence Investment Partners LLC’s holdings in Rayonier were worth $2,184,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC grew its position in shares of Rayonier by 5.1% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 33,221 shares of the real estate investment trust’s stock valued at $719,000 after buying an additional 1,608 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Rayonier by 3.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 29,657 shares of the real estate investment trust’s stock valued at $642,000 after buying an additional 1,089 shares during the last quarter. Swiss Life Asset Management Ltd bought a new stake in shares of Rayonier in the 4th quarter valued at about $331,000. Greenwood Gearhart Inc. grew its position in shares of Rayonier by 4.9% in the 4th quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust’s stock valued at $234,000 after buying an additional 502 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its position in shares of Rayonier by 5.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 332,419 shares of the real estate investment trust’s stock valued at $7,197,000 after buying an additional 16,143 shares during the last quarter. Institutional investors own 89.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Raymond James Financial upgraded Rayonier from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $26.00 to $28.00 in a research report on Friday, February 13th. Truist Financial upped their target price on Rayonier from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Wall Street Zen upgraded Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Citigroup cut their target price on Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Royal Bank Of Canada set a $24.00 target price on Rayonier in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.75.

Rayonier Stock Down 2.0%

Shares of Rayonier stock opened at $19.82 on Friday. Rayonier Inc. has a one year low of $19.49 and a one year high of $27.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 3.23. The stock’s 50-day moving average is $20.77 and its 200 day moving average is $21.80. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 6.56 and a beta of 0.90.

Rayonier (NYSE:RYN) last announced its earnings results 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 company had revenue of $276.79 million for 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 firm’s revenue for the quarter was up 233.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.02) EPS. Equities research analysts anticipate that Rayonier Inc. will post 0.36 EPS for the current year.

Rayonier Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a $0.26 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $1.04 annualized dividend and a yield of 5.2%. Rayonier’s dividend payout ratio is presently 34.44%.

Insider Activity at Rayonier

In other Rayonier news, Chairman Eric J. Cremers sold 169,200 shares of the stock in a transaction that occurred on 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 transaction, the chairman owned 709,583 shares in the company, valued at approximately $15,213,459.52. This represents a 19.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wayne Wasechek sold 2,920 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $21.17, for a total value of $61,816.40. Following the completion of the transaction, the chief financial officer owned 115,530 shares in the company, valued at approximately $2,445,770.10. The trade was a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 currently owned by corporate 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.