Rayonier (NYSE:RYN) Shares Gap Up Following Dividend Announcement

Rayonier Inc. (NYSE:RYN) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $31.47, but opened at $32.74. Rayonier shares last traded at $32.09, with a volume of 40,170 shares trading hands.

The newly announced dividend which will be paid on Thursday, January 30th. Investors of record on Thursday, December 12th will be paid a $1.80 dividend. This is a positive change from Rayonier’s previous special dividend of $0.20. Rayonier’s dividend payout ratio is presently 107.55%.

Wall Street Analysts Forecast Growth

RYN has been the topic of several research analyst reports. StockNews.com raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Truist Financial lifted their price target on shares of Rayonier from $31.00 to $32.00 and gave the company a “hold” rating in a report on Tuesday, October 15th.

Rayonier Price Performance

The company has a market cap of $4.74 billion, a price-to-earnings ratio of 29.70 and a beta of 1.02. The company’s 50-day simple moving average is $31.38 and its 200-day simple moving average is $30.40. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.99 and a quick ratio of 1.85.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $195.00 million for the quarter, compared to analyst estimates of $211.21 million. Rayonier had a net margin of 15.84% and a return on equity of 2.95%. Rayonier’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. On average, equities research analysts anticipate that Rayonier Inc. will post 0.38 EPS for the current year.

Rayonier declared that its board has approved a stock buyback plan on Monday, December 2nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Rayonier

In related news, Director V. Larkin Martin sold 10,011 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 40,168 shares of the company’s stock, valued at $1,227,935.76. The trade was a 19.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Rayonier

A number of hedge funds have recently added to or reduced their stakes in RYN. V Square Quantitative Management LLC bought a new position in shares of Rayonier in the 3rd quarter worth about $25,000. GAMMA Investing LLC boosted its stake in Rayonier by 53.5% in the second quarter. GAMMA Investing LLC now owns 1,079 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 376 shares during the period. Venturi Wealth Management LLC grew its holdings in shares of Rayonier by 165.1% during the third quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 672 shares during the last quarter. Quest Partners LLC bought a new position in shares of Rayonier during the second quarter valued at approximately $40,000. Finally, Blue Trust Inc. lifted its holdings in shares of Rayonier by 539.9% in the 3rd quarter. Blue Trust Inc. now owns 1,235 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,042 shares during the last quarter. Institutional investors and hedge funds own 89.12% 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, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.