Cornercap Investment Counsel Inc. Sells 12,028 Shares of Rayonier Inc. (NYSE:RYN)

Cornercap Investment Counsel Inc. lowered its position in Rayonier Inc. (NYSE:RYN) by 49.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,107 shares of the real estate investment trust’s stock after selling 12,028 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Rayonier were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in Rayonier by 1.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,294,936 shares of the real estate investment trust’s stock valued at $541,645,000 after acquiring an additional 196,571 shares during the period. SG Americas Securities LLC grew its holdings in shares of Rayonier by 308.5% during the 2nd quarter. SG Americas Securities LLC now owns 31,717 shares of the real estate investment trust’s stock worth $923,000 after purchasing an additional 23,953 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Rayonier during the 2nd quarter worth $732,000. Boston Partners acquired a new position in Rayonier during the 1st quarter worth about $957,000. Finally, Walleye Trading LLC acquired a new position in Rayonier during the 1st quarter worth about $1,203,000. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday. Truist Financial upped their price objective on Rayonier from $31.00 to $32.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th.

Insider Activity

In related news, Director V. Larkin Martin sold 10,011 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $30.57, for a total value of $306,036.27. Following the completion of the transaction, the director now directly owns 40,168 shares in the company, valued at approximately $1,227,935.76. This represents a 19.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.83% of the company’s stock.

Rayonier Stock Up 0.8 %

RYN opened at $29.97 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.78 and a current ratio of 1.99. Rayonier Inc. has a one year low of $27.40 and a one year high of $35.29. The business’s fifty day moving average is $31.46 and its two-hundred day moving average is $30.31. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 28.27 and a beta of 1.05.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The company had revenue of $195.00 million during the quarter, compared to analysts’ expectations of $211.21 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. The firm’s revenue was down 3.3% compared to the same quarter last year. Analysts anticipate that Rayonier Inc. will post 0.38 EPS for the current fiscal year.

Rayonier Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.285 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $1.14 annualized dividend and a dividend yield of 3.80%. Rayonier’s dividend payout ratio is currently 107.55%.

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