Northwestern Mutual Investment Management Company LLC trimmed its stake in shares of Rayonier Inc. (NYSE:RYN) by 5.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,037 shares of the real estate investment trust’s stock after selling 1,437 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Rayonier were worth $726,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in RYN. Vanguard Group Inc boosted its position in shares of Rayonier by 9.9% in the third quarter. Vanguard Group Inc now owns 19,755,025 shares of the real estate investment trust’s stock worth $667,917,000 after purchasing an additional 1,773,986 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of Rayonier by 13.9% during the first quarter. Pictet Asset Management Ltd. now owns 2,920,647 shares of the real estate investment trust’s stock worth $92,059,000 after acquiring an additional 356,977 shares during the last quarter. Norges Bank bought a new position in shares of Rayonier during the fourth quarter worth $52,001,000. Impax Asset Management Group plc boosted its position in shares of Rayonier by 3.3% during the fourth quarter. Impax Asset Management Group plc now owns 1,807,768 shares of the real estate investment trust’s stock worth $50,057,000 after acquiring an additional 57,712 shares during the last quarter. Finally, Marathon Asset Management LLP boosted its position in shares of Rayonier by 3.9% during the first quarter. Marathon Asset Management LLP now owns 1,676,762 shares of the real estate investment trust’s stock worth $52,849,000 after acquiring an additional 62,549 shares during the last quarter. 84.63% of the stock is owned by hedge funds and other institutional investors.
Rayonier stock traded up $0.22 during mid-day trading on Monday, reaching $30.52. 319,700 shares of the company’s stock traded hands, compared to its average volume of 573,812. Rayonier Inc. has a 12-month low of $26.30 and a 12-month high of $39.68. The stock has a market capitalization of $3.93 billion, a P/E ratio of 38.63 and a beta of 0.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.61 and a current ratio of 2.95. The firm’s 50 day moving average price is $29.97.
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Thursday, June 13th. Rayonier’s payout ratio is presently 136.71%.
RYN has been the subject of a number of research reports. Seaport Global Securities initiated coverage on shares of Rayonier in a research report on Tuesday, April 2nd. They set a “neutral” rating and a $31.74 target price for the company. Zacks Investment Research downgraded shares of Rayonier from a “hold” rating to a “sell” rating in a research note on Monday, March 18th. Finally, TheStreet raised shares of Rayonier from a “c+” rating to a “b-” rating in a research note on Tuesday, April 16th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $30.91.
In other news, CFO Mark Mchugh sold 10,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $32.62, for a total value of $326,200.00. Following the transaction, the chief financial officer now directly owns 61,613 shares in the company, valued at $2,009,816.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.47% of the company’s stock.
Rayonier Company Profile
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S.
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