Assenagon Asset Management S.A. purchased a new stake in shares of Rayonier Advanced Materials Inc (NYSE:RYAM) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 349,903 shares of the basic materials company’s stock, valued at approximately $6,449,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in RYAM. Dimensional Fund Advisors LP grew its holdings in shares of Rayonier Advanced Materials by 43.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,462,810 shares of the basic materials company’s stock worth $42,089,000 after acquiring an additional 747,925 shares during the period. BlackRock Inc. grew its holdings in shares of Rayonier Advanced Materials by 9.9% during the 2nd quarter. BlackRock Inc. now owns 7,212,116 shares of the basic materials company’s stock worth $123,254,000 after acquiring an additional 651,175 shares during the period. Millennium Management LLC grew its holdings in shares of Rayonier Advanced Materials by 1,547.7% during the 1st quarter. Millennium Management LLC now owns 534,428 shares of the basic materials company’s stock worth $11,474,000 after acquiring an additional 501,994 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Rayonier Advanced Materials during the 2nd quarter worth approximately $5,685,000. Finally, Clearline Capital LP purchased a new position in shares of Rayonier Advanced Materials during the 2nd quarter worth approximately $3,254,000. 98.23% of the stock is owned by institutional investors and hedge funds.
Rayonier Advanced Materials stock opened at $12.79 on Friday. The company has a current ratio of 2.17, a quick ratio of 1.15 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $619.68 million, a P/E ratio of 13.19, a P/E/G ratio of 0.29 and a beta of 3.46. Rayonier Advanced Materials Inc has a twelve month low of $11.65 and a twelve month high of $22.96.
Rayonier Advanced Materials (NYSE:RYAM) last posted its quarterly earnings results on Thursday, August 2nd. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.07. The company had revenue of $542.00 million for the quarter, compared to the consensus estimate of $544.22 million. Rayonier Advanced Materials had a return on equity of 17.08% and a net margin of 23.97%. The firm’s quarterly revenue was up 169.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 EPS. On average, analysts expect that Rayonier Advanced Materials Inc will post 2.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 17th will be paid a $0.07 dividend. The ex-dividend date is Friday, December 14th. This represents a $0.28 annualized dividend and a dividend yield of 2.19%. Rayonier Advanced Materials’s payout ratio is currently 28.87%.
A number of research analysts have weighed in on RYAM shares. Bank of America reduced their target price on Rayonier Advanced Materials from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 15th. ValuEngine downgraded Rayonier Advanced Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Zacks Investment Research downgraded Rayonier Advanced Materials from a “buy” rating to a “strong sell” rating in a research note on Thursday, October 18th. Finally, Berenberg Bank started coverage on Rayonier Advanced Materials in a research note on Thursday, July 12th. They issued a “buy” rating and a $25.00 price target on the stock. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the company. Rayonier Advanced Materials has a consensus rating of “Hold” and a consensus price target of $21.25.
Rayonier Advanced Materials Company Profile
Rayonier Advanced Materials Inc manufactures and sells cellulose specialty products in the United States, China, Japan, Europe, Latin America, other Asian countries, Canada, and internationally. The company operates through High Purity Cellulose, Forest Products, and Pulp & Paper segments. Its products include cellulose specialties, which are natural polymers that are used as raw materials to manufacture a range of consumer-oriented products, such as cigarette filters, liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, high-tenacity rayon yarn for tires and industrial hoses, food casings, paints, and lacquers.
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