JACKSONVILLE, Fla. ( TheStreet) -- Rayonier ( RYN), a
real estate investment trust, bid lower on Tuesday following some unfavorable broker action.
Analysts from Credit Suisse ( CS) cut their rating on Rayonier to underperform, from neutral, citing valuation. The analysts said Rayonier is a well-run company that has managed its business well but is now overvalued as speculative investors ran up rayon prices. Rayonier shares fell 1.6% to $56.46 in afternoon trading amid heavier-than-normal trading. Nearly 1 million shares were in play with over an hour left in the session compared with their average daily trading volume of 708,000 shares. Rayonier was recently listed on TheStreet's list of 10 Top Buy-Rated Real Estate Stocks for 2011.
dividend yield of around 3.8%.
READERS ALSO LIKE: