Rayonier Advanced Materials Inc. (NYSE:RYAM – Get Free Report) shares shot up 7.9% during trading on Wednesday . The company traded as high as $7.58 and last traded at $7.8010. Approximately 37,422 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 1,053,212 shares. The stock had previously closed at $7.23.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rayonier Advanced Materials in a research report on Tuesday, April 21st. Zacks Research lowered shares of Rayonier Advanced Materials from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen lowered Rayonier Advanced Materials from a “hold” rating to a “sell” rating in a report on Sunday. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $14.00.
Read Our Latest Stock Analysis on RYAM
Rayonier Advanced Materials Stock Performance
Rayonier Advanced Materials (NYSE:RYAM – Get Free Report) last announced its earnings results on Tuesday, May 5th. The basic materials company reported ($1.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.60). The business had revenue of $319.06 million during the quarter, compared to the consensus estimate of $302.63 million. Rayonier Advanced Materials had a negative net margin of 32.86% and a negative return on equity of 43.24%. As a group, analysts forecast that Rayonier Advanced Materials Inc. will post -1.16 earnings per share for the current year.
Institutional Investors Weigh In On Rayonier Advanced Materials
Several hedge funds and other institutional investors have recently modified their holdings of RYAM. Osaic Holdings Inc. grew its position in shares of Rayonier Advanced Materials by 754.4% during the 2nd quarter. Osaic Holdings Inc. now owns 7,963 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 7,031 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in shares of Rayonier Advanced Materials in the fourth quarter worth $76,000. Tactive Advisors LLC boosted 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 valued at $78,000 after buying an additional 2,032 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Rayonier Advanced Materials during the fourth quarter valued at $86,000. Finally, Balyasny Asset Management L.P. purchased a new position in Rayonier Advanced Materials during the fourth quarter worth about $117,000. 68.64% of the stock is currently owned by institutional investors.
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.
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