Cubist Systematic Strategies LLC purchased a new stake in shares of Rayonier Advanced Materials Inc. (NYSE:RYAM – Free Report) during the 2nd quarter, HoldingsChannel reports. The firm purchased 116,214 shares of the basic materials company’s stock, valued at approximately $632,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Rayonier Advanced Materials in the first quarter valued at about $159,000. BNP Paribas Financial Markets grew its position in shares of Rayonier Advanced Materials by 319.8% in the first quarter. BNP Paribas Financial Markets now owns 69,950 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 53,288 shares during the period. Empowered Funds LLC grew its position in shares of Rayonier Advanced Materials by 8.2% in the first quarter. Empowered Funds LLC now owns 258,558 shares of the basic materials company’s stock valued at $1,236,000 after purchasing an additional 19,567 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Rayonier Advanced Materials in the first quarter valued at about $219,000. Finally, Russell Investments Group Ltd. grew its position in shares of Rayonier Advanced Materials by 471.8% in the first quarter. Russell Investments Group Ltd. now owns 1,997,437 shares of the basic materials company’s stock valued at $9,548,000 after purchasing an additional 1,648,101 shares during the period. Institutional investors and hedge funds own 68.64% of the company’s stock.
Rayonier Advanced Materials Stock Performance
NYSE:RYAM opened at $8.95 on Friday. The company’s 50-day moving average price is $7.80 and its 200-day moving average price is $6.06. The company has a current ratio of 1.69, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The company has a market cap of $586.91 million, a P/E ratio of -5.56 and a beta of 2.99. Rayonier Advanced Materials Inc. has a twelve month low of $2.66 and a twelve month high of $8.97.
Analyst Upgrades and Downgrades
RYAM has been the topic of several research analyst reports. Royal Bank of Canada lifted their target price on shares of Rayonier Advanced Materials from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. StockNews.com upgraded shares of Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th.
Check Out Our Latest Research Report on RYAM
Rayonier Advanced Materials Company Profile
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.
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