Rayonier Advanced Materials (NYSE:RYAM) Sets New 12-Month High – Here’s Why

Shares of Rayonier Advanced Materials Inc. (NYSE:RYAM) reached a new 52-week high during trading on Friday . The stock traded as high as $8.57 and last traded at $8.53, with a volume of 1048635 shares changing hands. The stock had previously closed at $7.79.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rayonier Advanced Materials in a report on Wednesday, October 8th. Zacks Research upgraded Rayonier Advanced Materials from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.00.

Rayonier Advanced Materials Price Performance

The business has a 50-day moving average of $6.34 and a two-hundred day moving average of $5.96. 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 market cap of $584.83 million, a P/E ratio of -1.40 and a beta of 2.20.

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

Institutional Investors Weigh In On Rayonier Advanced Materials

Several institutional investors have recently made changes to their positions in RYAM. Tactive Advisors LLC boosted its holdings in shares of Rayonier Advanced Materials by 18.0% in the fourth quarter. Tactive Advisors LLC now owns 13,325 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 2,032 shares during the period. Hudson Bay Capital Management LP purchased a new position in Rayonier Advanced Materials during the 3rd quarter valued at about $1,267,000. Verition Fund Management LLC purchased a new stake in shares of Rayonier Advanced Materials in the third quarter worth about $209,000. Nantahala Capital Management LLC bought a new position in shares of Rayonier Advanced Materials in the third quarter valued at approximately $3,686,000. Finally, Millennium Management LLC grew its stake in Rayonier Advanced Materials by 177.3% during the third quarter. Millennium Management LLC now owns 1,359,752 shares of the basic materials company’s stock valued at $9,817,000 after acquiring an additional 869,486 shares in the last quarter. Hedge funds and other institutional investors 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.