Voya Investment Management LLC Sells 474 Shares of Rayonier Inc. (NYSE:RYN)

Voya Investment Management LLC cut its holdings in Rayonier Inc. (NYSE:RYN) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,745 shares of the real estate investment trust’s stock after selling 474 shares during the period. Voya Investment Management LLC’s holdings in Rayonier were worth $489,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RYN. Norges Bank bought a new stake in shares of Rayonier in the 4th quarter valued at about $343,007,000. Franklin Resources Inc. bought a new stake in Rayonier in the fourth quarter valued at approximately $30,935,000. ExodusPoint Capital Management LP purchased a new stake in shares of Rayonier during the fourth quarter valued at approximately $4,726,000. Legal & General Group Plc grew its holdings in shares of Rayonier by 5.8% in the fourth quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust’s stock worth $81,101,000 after purchasing an additional 170,087 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Rayonier in the fourth quarter worth $4,281,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Stock Up 0.6 %

RYN stock opened at $23.52 on Friday. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 9.97 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.85 and a current ratio of 1.12. The business’s 50 day moving average price is $25.77 and its two-hundred day moving average price is $27.29. Rayonier Inc. has a fifty-two week low of $22.80 and a fifty-two week high of $31.29.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). The firm had revenue of $82.90 million during the quarter, compared to analysts’ expectations of $152.99 million. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. Rayonier’s revenue for the quarter was down 27.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 earnings per share. As a group, analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RYN has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Royal Bank of Canada reduced their price target on Rayonier from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Truist Financial dropped their price objective on Rayonier from $30.00 to $27.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Raymond James raised Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 target price on the stock in a research note on Wednesday, March 12th. Finally, StockNews.com cut shares of Rayonier from a “buy” rating to a “sell” rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $27.50.

About Rayonier

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.