NEW YORK (TheStreet) -- Shares of Rayonier Inc (RYN) are sinking, down 6.42% to $26.97 in early market trading today, as the Jacksonville, FL-based company was downgraded to "sector perform" from "outperform" by analysts at RBC Capital Markets this morning.
Analysts at the firm kept its $24 price target on shares.
Yesterday, law firm Glancy Binkow & Goldberg LLP launched an investigation on Rayonier on behalf of investors concerning possible violations of federal securities laws.
Must Read: Warren Buffett's 25 Favorite Stocks
The investigation is focused on its operations and financial performance, after the company announced Monday morning that it would realign its strategy and restate results for the first half of this year following an internal review of its operations, the Wall Street Journal reported.
Rayonier is a real estate investment trust, and engages in the sale and development of real estate and timberland management, as well as the production and sale of cellulose fibers in the U.S., New Zealand and Australia.
Separately, TheStreet Ratings team rates RAYONIER INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate RAYONIER INC (RYN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."