Rayonier cuts dividend by 16.7%

U.S. forestry company Rayonier will cut its dividend from $0.30 to $0.25 per share.

Rayonier stock tumbled the most in almost six years after it restated quarterly earnings after an internal review found some timberlands were incorrectly included in inventory.

According to CEO David Nunes the dividend reduction will provide the necessary balance between the near term financial goals and long-term shareholder interests.

The indicated dividend yield for Rayonier (ticker RYN) now is 3.5% based on Monday's closing price of $28.82.

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