Rayonier Advanced Materials (NYSE:RYAM) Reaches New 52-Week High on Strong Earnings

Rayonier Advanced Materials Inc. (NYSE:RYAM)’s share price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $9.92 and last traded at $9.88, with a volume of 76608 shares changing hands. The stock had previously closed at $8.13.

The basic materials company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.06. Rayonier Advanced Materials had a negative return on equity of 3.96% and a negative net margin of 4.82%. The firm had revenue of $401.00 million for the quarter, compared to the consensus estimate of $412.20 million. During the same quarter last year, the business posted ($0.41) EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RYAM shares. Royal Bank of Canada increased their target price on shares of Rayonier Advanced Materials from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. StockNews.com raised shares of Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th.

Hedge Funds Weigh In On Rayonier Advanced Materials

Several large investors have recently bought and sold shares of the company. Boston Partners raised its stake in shares of Rayonier Advanced Materials by 1,923.5% during the first quarter. Boston Partners now owns 2,161,539 shares of the basic materials company’s stock valued at $10,307,000 after acquiring an additional 2,054,715 shares during the last quarter. Russell Investments Group Ltd. raised its position in Rayonier Advanced Materials by 471.8% during the 1st quarter. Russell Investments Group Ltd. now owns 1,997,437 shares of the basic materials company’s stock worth $9,548,000 after purchasing an additional 1,648,101 shares during the last quarter. American Century Companies Inc. raised its position in Rayonier Advanced Materials by 24.7% during the 2nd quarter. American Century Companies Inc. now owns 1,516,198 shares of the basic materials company’s stock worth $8,248,000 after purchasing an additional 300,793 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Rayonier Advanced Materials by 226.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 325,037 shares of the basic materials company’s stock worth $2,782,000 after buying an additional 225,575 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Rayonier Advanced Materials by 5.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,598,490 shares of the basic materials company’s stock valued at $19,576,000 after buying an additional 201,939 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors.

Rayonier Advanced Materials Trading Up 21.3 %

The firm has a 50 day moving average price of $8.04 and a two-hundred day moving average price of $6.48. The company has a quick ratio of 1.09, a current ratio of 1.69 and a debt-to-equity ratio of 1.00. The company has a market cap of $649.68 million, a price-to-earnings ratio of -8.36 and a beta of 3.01.

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.