Royal Bank of Canada Forecasts Strong Price Appreciation for Rayonier Advanced Materials (NYSE:RYAM) Stock

Rayonier Advanced Materials (NYSE:RYAM) had its price target boosted by Royal Bank of Canada from $10.00 to $12.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the basic materials company’s stock.

Separately, StockNews.com cut Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a report on Wednesday.

Rayonier Advanced Materials Price Performance

Shares of RYAM opened at $9.96 on Thursday. The firm has a 50-day simple moving average of $8.18 and a two-hundred day simple moving average of $6.57. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.73 and a quick ratio of 1.09. Rayonier Advanced Materials has a 1-year low of $3.02 and a 1-year high of $10.24. The stock has a market cap of $656.52 million, a PE ratio of -7.78 and a beta of 3.01.

Rayonier Advanced Materials (NYSE:RYAM) last announced its earnings results on Tuesday, November 5th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.06. Rayonier Advanced Materials had a negative return on equity of 1.61% and a negative net margin of 5.21%. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $412.20 million. During the same quarter in the previous year, the company earned ($0.41) earnings per share. As a group, analysts forecast that Rayonier Advanced Materials will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Rayonier Advanced Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYAM. nVerses Capital LLC increased its position in shares of Rayonier Advanced Materials by 121.9% during the third quarter. nVerses Capital LLC now owns 7,100 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 3,900 shares during the period. Quarry LP purchased a new stake in Rayonier Advanced Materials during the 2nd quarter worth about $29,000. Mercer Global Advisors Inc. ADV acquired a new stake in Rayonier Advanced Materials in the 2nd quarter valued at about $61,000. Truist Financial Corp purchased a new position in shares of Rayonier Advanced Materials in the 2nd quarter valued at about $66,000. Finally, Intech Investment Management LLC acquired a new position in shares of Rayonier Advanced Materials during the third quarter worth about $139,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.

About Rayonier Advanced Materials

Rayonier Advanced Materials Inc manufactures and sells cellulose specialty products in the United States, China, Latin America, Canada, Japan, Europe, Latin America, other Asian countries, and internationally. It operates through High Purity Cellulose, Paperboard, and High-Yield Pulp segments. The company’s products include cellulose specialties, which are natural polymers that are used as raw materials to manufacture a range of consumer-oriented products, such as liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, cigarette filters, high-tenacity rayon yarn for tires and industrial hoses, food casings, paints, and lacquers.