Cornercap Investment Counsel Inc. Has $252,000 Stake in Rayonier Inc. (NYSE:RYN)

Cornercap Investment Counsel Inc. cut its position in shares of Rayonier Inc. (NYSE:RYN) by 20.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,642 shares of the real estate investment trust’s stock after selling 2,465 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Rayonier were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of RYN. Pacer Advisors Inc. grew its holdings in Rayonier by 2.3% during the 4th quarter. Pacer Advisors Inc. now owns 19,993 shares of the real estate investment trust’s stock worth $522,000 after acquiring an additional 442 shares during the period. GAMMA Investing LLC grew its stake in Rayonier by 41.8% during the fourth quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 511 shares during the period. UMB Bank n.a. increased its holdings in Rayonier by 59.7% in the fourth quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 525 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Rayonier by 36.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 3,186 shares of the real estate investment trust’s stock worth $83,000 after purchasing an additional 857 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in Rayonier in the fourth quarter valued at approximately $25,000. Institutional investors own 89.12% of the company’s stock.

Rayonier Stock Down 0.1 %

Shares of NYSE RYN opened at $27.83 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. Rayonier Inc. has a 1 year low of $24.88 and a 1 year high of $31.62. The stock has a market capitalization of $4.34 billion, a P/E ratio of 11.79 and a beta of 1.00. The company has a 50-day moving average price of $26.65 and a 200-day moving average price of $28.80.

Rayonier (NYSE:RYN) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. On average, equities research analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier declared that its board has approved a share buyback plan on Monday, December 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Rayonier Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Monday, March 17th. Rayonier’s dividend payout ratio (DPR) is currently 46.19%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Truist Financial decreased their price target on shares of Rayonier from $32.00 to $30.00 and set a “hold” rating for the company in a research note on Monday, January 6th. Raymond James raised shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective on the stock in a research report on Wednesday, March 12th. Royal Bank of Canada decreased their target price on Rayonier from $33.00 to $30.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Finally, Citigroup cut their price target on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.00.

Rayonier 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, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.