Rayonier Advanced Materials (NYSE:RYAM) Trading 9.1% Higher – Here’s What Happened

Rayonier Advanced Materials Inc. (NYSE:RYAM) shares rose 9.1% during mid-day trading on Wednesday . The stock traded as high as $8.67 and last traded at $8.7270. Approximately 852,703 shares traded hands during trading, a decline of 22% from the average daily volume of 1,088,327 shares. The stock had previously closed at $8.00.

Analyst Ratings Changes

RYAM has been the subject of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rayonier Advanced Materials in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Rayonier Advanced Materials from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rayonier Advanced Materials currently has an average rating of “Hold” and an average price target of $6.00.

Rayonier Advanced Materials Stock Down 0.4%

The firm has a market cap of $572.40 million, a PE ratio of -1.37 and a beta of 2.20. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 2.26. The firm has a 50 day moving average price of $6.59 and a 200-day moving average price of $6.10.

Rayonier Advanced Materials (NYSE:RYAM) last released its earnings results on Tuesday, November 4th. The basic materials company reported ($0.07) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.07). Rayonier Advanced Materials had a negative net margin of 28.21% and a negative return on equity of 13.64%. The firm had revenue of $352.84 million for the quarter, compared to analyst estimates of $373.70 million. Research analysts forecast that Rayonier Advanced Materials Inc. will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Rayonier Advanced Materials

A number of institutional investors and hedge funds have recently modified their holdings of RYAM. Millennium Management LLC raised its stake in Rayonier Advanced Materials by 38.0% in the first quarter. Millennium Management LLC now owns 1,168,291 shares of the basic materials company’s stock valued at $6,718,000 after buying an additional 321,613 shares in the last quarter. Caxton Associates LLP purchased a new position in shares of Rayonier Advanced Materials in the 1st quarter valued at about $248,000. Empowered Funds LLC raised its position in shares of Rayonier Advanced Materials by 4.2% during the 1st quarter. Empowered Funds LLC now owns 372,031 shares of the basic materials company’s stock worth $2,139,000 after acquiring an additional 15,071 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in Rayonier Advanced Materials by 2.4% during the second quarter. SummerHaven Investment Management LLC now owns 144,165 shares of the basic materials company’s stock worth $555,000 after purchasing an additional 3,382 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in Rayonier Advanced Materials by 67.6% in the second quarter. Inspire Investing LLC now owns 100,690 shares of the basic materials company’s stock valued at $388,000 after purchasing an additional 40,610 shares in the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.

Rayonier Advanced Materials Company Profile

Rayonier Advanced Materials, Inc is a publicly traded specialty bioproducts company focused on the production of high-purity cellulose and engineered wood products. Headquartered in Jacksonville, Florida, the company operates a network of manufacturing facilities across North America, New Zealand and Europe. Its cellulose specialties business produces dissolving pulps and high-purity fibers that serve a range of end markets, including food and beverage, personal care, pharmaceuticals and textiles.