Rayonier Advanced Materials (NYSE:RYAM) Sets New 12-Month High After Better-Than-Expected Earnings

Shares of Rayonier Advanced Materials Inc. (NYSE:RYAM) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $9.92 and last traded at $9.88, with a volume of 76608 shares changing hands. The stock had previously closed at $8.13.

The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.06. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $412.20 million. Rayonier Advanced Materials had a negative net margin of 4.82% and a negative return on equity of 3.96%. During the same period last year, the business posted ($0.41) earnings per share.

Analyst Ratings Changes

A number of brokerages recently issued reports on RYAM. StockNews.com cut shares of Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada lifted their price objective on shares of Rayonier Advanced Materials from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th.

Hedge Funds Weigh In On Rayonier Advanced Materials

A number of hedge funds have recently modified their holdings of RYAM. Quarry LP acquired a new position in Rayonier Advanced Materials in the second quarter valued at $29,000. Mercer Global Advisors Inc. ADV bought a new stake in Rayonier Advanced Materials in the second quarter valued at $61,000. nVerses Capital LLC increased its stake in Rayonier Advanced Materials by 121.9% in the third quarter. nVerses Capital LLC now owns 7,100 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 3,900 shares in the last quarter. Truist Financial Corp bought a new stake in Rayonier Advanced Materials in the second quarter valued at $66,000. Finally, EntryPoint Capital LLC bought a new stake in Rayonier Advanced Materials in the first quarter valued at $100,000. Institutional investors and hedge funds own 68.64% of the company’s stock.

Rayonier Advanced Materials Trading Up 20.9 %

The company has a quick ratio of 1.09, a current ratio of 1.69 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $647.70 million, a P/E ratio of -8.33 and a beta of 3.01. The firm’s 50 day simple moving average is $8.09 and its two-hundred day simple moving average is $6.50.

Rayonier Advanced Materials Company Profile

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