Shares of Rayonier Advanced Materials Inc (NYSE:RYAM) fell 8.1% on Thursday following a dissappointing earnings announcement. The stock traded as low as $13.15 and last traded at $13.75. 1,496,734 shares changed hands during mid-day trading, an increase of 232% from the average session volume of 450,640 shares. The stock had previously closed at $14.97.

The basic materials company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.16). The business had revenue of $526.00 million during the quarter, compared to the consensus estimate of $541.71 million. Rayonier Advanced Materials had a net margin of 21.00% and a return on equity of 17.33%. The firm’s revenue for the quarter was up 50.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 EPS.

A number of brokerages have issued reports on RYAM. ValuEngine upgraded Rayonier Advanced Materials from a “strong sell” rating to a “sell” rating in a research note on Friday, January 25th. Zacks Investment Research downgraded Rayonier Advanced Materials from a “buy” rating to a “strong sell” rating in a research note on Thursday, October 18th. Two investment analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $21.67.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Rayonier Advanced Materials by 2.5% during the 4th quarter. BlackRock Inc. now owns 7,608,449 shares of the basic materials company’s stock valued at $81,030,000 after buying an additional 183,861 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Rayonier Advanced Materials by 19.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,578,683 shares of the basic materials company’s stock valued at $38,112,000 after buying an additional 593,033 shares during the last quarter. Marcato Capital Management LP lifted its position in shares of Rayonier Advanced Materials by 3.0% during the 4th quarter. Marcato Capital Management LP now owns 2,348,000 shares of the basic materials company’s stock valued at $25,007,000 after buying an additional 68,500 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Rayonier Advanced Materials by 11.0% during the 3rd quarter. Sterling Capital Management LLC now owns 1,994,718 shares of the basic materials company’s stock worth $36,763,000 after purchasing an additional 197,251 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in Rayonier Advanced Materials by 182.2% during the 4th quarter. LSV Asset Management now owns 1,800,158 shares of the basic materials company’s stock worth $19,171,000 after purchasing an additional 1,162,158 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $733.23 million, a PE ratio of 14.18, a PEG ratio of 0.24 and a beta of 3.59. The company has a quick ratio of 1.26, a current ratio of 2.32 and a debt-to-equity ratio of 1.53.

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About Rayonier Advanced Materials (NYSE:RYAM)

Rayonier Advanced Materials Inc manufactures and sells cellulose specialty products in the United States, China, Japan, Europe, Latin America, other Asian countries, Canada, and internationally. The company operates through High Purity Cellulose, Forest Products, and Pulp & Paper segments. Its products include cellulose specialties, which are natural polymers that are used as raw materials to manufacture a range of consumer-oriented products, such as cigarette filters, liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, high-tenacity rayon yarn for tires and industrial hoses, food casings, paints, and lacquers.

Read More: Price to Earnings Ratio (PE) Basics

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