Montgomery Investment Management Inc. reduced its stake in Rayonier Inc. (NYSE:RYN) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 99,224 shares of the real estate investment trust’s stock after selling 6,965 shares during the quarter. Rayonier comprises about 1.3% of Montgomery Investment Management Inc.’s portfolio, making the stock its 24th largest holding. Montgomery Investment Management Inc. owned about 0.08% of Rayonier worth $2,867,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. raised its position in Rayonier by 6.5% during the 2nd quarter. BlackRock Inc. now owns 12,050,093 shares of the real estate investment trust’s stock worth $346,681,000 after buying an additional 732,408 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rayonier by 5.5% during the 2nd quarter. Vanguard Group Inc. now owns 10,611,621 shares of the real estate investment trust’s stock worth $305,296,000 after purchasing an additional 551,924 shares during the period. State Street Corp grew its stake in shares of Rayonier by 5.7% during the 2nd quarter. State Street Corp now owns 3,451,153 shares of the real estate investment trust’s stock worth $99,289,000 after purchasing an additional 186,679 shares during the period. Confluence Investment Management LLC grew its stake in shares of Rayonier by 7.1% during the 2nd quarter. Confluence Investment Management LLC now owns 2,844,858 shares of the real estate investment trust’s stock worth $81,847,000 after purchasing an additional 189,668 shares during the period. Finally, Pictet Asset Management Ltd. grew its stake in shares of Rayonier by 25.7% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,205,523 shares of the real estate investment trust’s stock worth $63,717,000 after purchasing an additional 451,033 shares during the period. 82.48% of the stock is owned by hedge funds and other institutional investors.
Rayonier Inc. (NYSE RYN) traded down 0.589% on Monday, hitting $29.555. The stock had a trading volume of 131,660 shares. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 24.899 and a beta of 0.34. The stock’s 50 day moving average is $29.08 and its 200 day moving average is $28.67. Rayonier Inc. has a one year low of $25.85 and a one year high of $30.18.
Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.09. The business had revenue of $194.70 million for the quarter, compared to analyst estimates of $151.50 million. Rayonier had a return on equity of 5.03% and a net margin of 19.10%. The business’s revenue for the quarter was up 47.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 earnings per share. Analysts anticipate that Rayonier Inc. will post $0.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.00 annualized dividend and a yield of 3.36%. Rayonier’s dividend payout ratio (DPR) is presently 84.75%.
A number of brokerages have recently commented on RYN. Zacks Investment Research cut shares of Rayonier from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $29.00 price objective on shares of Rayonier in a research note on Sunday, October 8th. BMO Capital Markets reaffirmed a “hold” rating and set a $31.00 price objective on shares of Rayonier in a research note on Friday, September 29th. Finally, BidaskClub raised shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Rayonier has an average rating of “Hold” and an average price target of $30.25.
Rayonier Company Profile
Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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