Rayonier Advanced Materials (NYSE:RYAM) Trading 10% Higher – Here’s What Happened

Shares of Rayonier Advanced Materials Inc. (NYSE:RYAM) rose 10% during trading on Wednesday . The stock traded as high as $9.66 and last traded at $9.64. 793,383 shares traded hands during trading, a decline of 24% from the average daily volume of 1,043,090 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RYAM shares. Royal Bank Of Canada lowered their price objective on shares of Rayonier Advanced Materials from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rayonier Advanced Materials in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Rayonier Advanced Materials from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Zacks Research cut Rayonier Advanced Materials from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $13.00.

Rayonier Advanced Materials Stock Up 9.8%

The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 3.21. The firm has a market capitalization of $648.43 million, a PE ratio of -1.38 and a beta of 1.77. The company’s fifty day simple moving average is $8.25 and its 200 day simple moving average is $8.98.

Rayonier Advanced Materials (NYSE:RYAM) last issued its quarterly earnings results on Tuesday, August 4th. The basic materials company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.08). Rayonier Advanced Materials had a negative return on equity of 43.24% and a negative net margin of 32.86%.The firm had revenue of $376.14 million during the quarter, compared to analysts’ expectations of $362.00 million. Analysts anticipate that Rayonier Advanced Materials Inc. will post -1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rayonier Advanced Materials

Several institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. lifted its stake in shares of Rayonier Advanced Materials by 754.4% in the second quarter. Osaic Holdings Inc. now owns 7,963 shares of the basic materials company’s stock worth $31,000 after buying an additional 7,031 shares in the last quarter. Graham Capital Management L.P. bought a new stake in shares of Rayonier Advanced Materials in the fourth quarter worth approximately $76,000. Dynamic Technology Lab Private Ltd purchased a new stake in Rayonier Advanced Materials during the fourth quarter valued at $86,000. Balyasny Asset Management L.P. bought a new position in shares of Rayonier Advanced Materials in the 4th quarter worth approximately $117,000. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Rayonier Advanced Materials by 39.5% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 20,198 shares of the basic materials company’s stock worth $119,000 after acquiring an additional 5,721 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors.

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.