Rayonier Advanced Materials (NYSE:RYAM) Reaches New 52-Week High – Here’s Why

Rayonier Advanced Materials Inc. (NYSE:RYAM) shares hit a new 52-week high during trading on Thursday . The company traded as high as $8.85 and last traded at $8.7150, with a volume of 1259807 shares trading hands. The stock had previously closed at $8.00.

Analysts Set New Price Targets

RYAM has been the topic of a number of recent analyst 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 research note on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.00.

Rayonier Advanced Materials Trading Down 0.4%

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 company has a market cap of $572.40 million, a price-to-earnings ratio of -1.37 and a beta of 2.20. 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 announced its quarterly earnings data on Tuesday, November 4th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate 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%. As a group, sell-side analysts forecast that Rayonier Advanced Materials Inc. will post -0.08 EPS for the current year.

Institutional Investors Weigh In On Rayonier Advanced Materials

A number of institutional investors have recently modified their holdings of RYAM. Tactive Advisors LLC raised its stake in Rayonier Advanced Materials by 18.0% during 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 acquired a new stake in shares of Rayonier Advanced Materials during the 3rd quarter worth approximately $1,267,000. Verition Fund Management LLC acquired a new stake in shares of Rayonier Advanced Materials during the 3rd quarter worth approximately $209,000. Nantahala Capital Management LLC bought a new stake in shares of Rayonier Advanced Materials in the 3rd quarter worth approximately $3,686,000. Finally, Millennium Management LLC lifted its holdings in shares of Rayonier Advanced Materials by 177.3% in the 3rd quarter. Millennium Management LLC now owns 1,359,752 shares of the basic materials company’s stock worth $9,817,000 after purchasing an additional 869,486 shares during the last quarter. Institutional investors own 68.64% of the company’s stock.

About Rayonier Advanced Materials

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.