An issue of Rayonier Advanced Materials Inc (NYSE:RYAM) bonds rose 0.9% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 5.5% coupon and is set to mature on June 1, 2024. The debt is now trading at $99.00 and was trading at $98.63 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
RYAM has been the subject of a number of research analyst reports. TheStreet raised shares of Rayonier Advanced Materials from a “c” rating to a “b” rating in a research report on Wednesday, December 13th. ValuEngine downgraded shares of Rayonier Advanced Materials from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 7th. Bank of America increased their target price on shares of Rayonier Advanced Materials from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Vertical Research downgraded shares of Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Zacks Investment Research downgraded shares of Rayonier Advanced Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.83.
Shares of Rayonier Advanced Materials Inc (NYSE:RYAM) traded down $0.51 during trading hours on Wednesday, reaching $19.59. 1,249,751 shares of the company’s stock traded hands, compared to its average volume of 841,707. The company has a debt-to-equity ratio of 1.78, a current ratio of 2.10 and a quick ratio of 1.12. Rayonier Advanced Materials Inc has a one year low of $11.88 and a one year high of $21.44. The firm has a market capitalization of $1,013.48, a P/E ratio of 3.58, a price-to-earnings-growth ratio of 2.23 and a beta of 3.69.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.43%. The ex-dividend date is Thursday, March 15th. Rayonier Advanced Materials’s dividend payout ratio (DPR) is 5.12%.
Rayonier Advanced Materials announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 20th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
A number of large investors have recently modified their holdings of RYAM. State Street Corp grew its position in Rayonier Advanced Materials by 5.2% in the second quarter. State Street Corp now owns 1,132,046 shares of the basic materials company’s stock valued at $17,797,000 after acquiring an additional 56,453 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Rayonier Advanced Materials in the third quarter valued at approximately $176,000. Victory Capital Management Inc. grew its position in Rayonier Advanced Materials by 15.3% in the third quarter. Victory Capital Management Inc. now owns 26,977 shares of the basic materials company’s stock valued at $370,000 after acquiring an additional 3,577 shares in the last quarter. Stevens Capital Management LP grew its position in Rayonier Advanced Materials by 213.9% in the third quarter. Stevens Capital Management LP now owns 41,678 shares of the basic materials company’s stock valued at $571,000 after acquiring an additional 28,399 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Rayonier Advanced Materials by 5.1% in the third quarter. American Century Companies Inc. now owns 209,299 shares of the basic materials company’s stock valued at $2,867,000 after acquiring an additional 10,079 shares in the last quarter. 94.21% of the stock is owned by institutional investors.
About Rayonier Advanced Materials
Rayonier Advanced Materials Inc is engaged in the production of cellulose specialties. The Company’s product lines include cellulose specialties and commodity products. Its products are used in manufacturing processes. The Company’s products are sold throughout the world to companies for use in various industrial applications, and to produce a range of products, including cigarette filters, foods, pharmaceuticals, textiles and electronics.
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