Rayonier Advanced Materials (NYSE:RYAM) Sets New 12-Month High After Better-Than-Expected Earnings

Rayonier Advanced Materials Inc. (NYSE:RYAM) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $9.92 and last traded at $9.88, with a volume of 76608 shares trading hands. The stock had previously closed at $8.13.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on RYAM shares. StockNews.com downgraded shares of Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada boosted their target price on shares of Rayonier Advanced Materials from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, September 19th.

Institutional Investors Weigh In On Rayonier Advanced Materials

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in Rayonier Advanced Materials in the 2nd quarter worth about $29,000. Mercer Global Advisors Inc. ADV bought a new stake in Rayonier Advanced Materials in the 2nd quarter worth about $61,000. nVerses Capital LLC grew its position in Rayonier Advanced Materials by 121.9% in the 3rd quarter. nVerses Capital LLC now owns 7,100 shares of the basic materials company’s stock worth $61,000 after purchasing an additional 3,900 shares in the last quarter. Truist Financial Corp bought a new stake in Rayonier Advanced Materials in the 2nd quarter worth about $66,000. Finally, EntryPoint Capital LLC purchased a new position in Rayonier Advanced Materials in the first quarter valued at about $100,000. 68.64% of the stock is owned by institutional investors.

Rayonier Advanced Materials Trading Up 20.9 %

The company has a debt-to-equity ratio of 1.00, a current ratio of 1.69 and a quick ratio of 1.09. The stock has a market capitalization of $647.70 million, a PE ratio of -8.33 and a beta of 3.01. The stock’s 50 day simple moving average is $8.09 and its two-hundred day simple moving average is $6.50.

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.