Rayonier Advanced Materials Inc (NYSE:RYAM) shares dropped 7.5% on Tuesday . The stock traded as low as $13.56 and last traded at $13.65. Approximately 538,395 shares traded hands during trading, a decline of 36% from the average daily volume of 843,606 shares. The stock had previously closed at $14.75.
RYAM has been the subject of several recent research reports. Zacks Investment Research upgraded Rayonier Advanced Materials from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research report on Wednesday, September 26th. Bank of America cut their price objective on Rayonier Advanced Materials from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 15th. Finally, ValuEngine cut Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $21.67.
The stock has a market cap of $753.15 million, a P/E ratio of 14.07, a P/E/G ratio of 0.25 and a beta of 3.60. The company has a debt-to-equity ratio of 1.53, a current ratio of 2.32 and a quick ratio of 1.26.
Rayonier Advanced Materials (NYSE:RYAM) last issued its quarterly earnings results on Monday, November 5th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.08). The firm had revenue of $544.00 million during the quarter, compared to analyst estimates of $556.46 million. Rayonier Advanced Materials had a return on equity of 17.33% and a net margin of 21.00%. The business’s revenue was up 159.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. Analysts forecast that Rayonier Advanced Materials Inc will post 1.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, December 14th. Rayonier Advanced Materials’s dividend payout ratio is presently 28.87%.
In other news, Chairman Paul G. Boynton purchased 10,000 shares of the stock in a transaction dated Monday, November 12th. The shares were purchased at an average cost of $13.72 per share, with a total value of $137,200.00. Following the completion of the purchase, the chairman now directly owns 273,020 shares of the company’s stock, valued at approximately $3,745,834.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 3,000 shares of company stock worth $47,500 over the last ninety days. Corporate insiders own 2.23% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Shaker Investments LLC OH purchased a new stake in shares of Rayonier Advanced Materials in the 3rd quarter valued at $267,000. New York State Teachers Retirement System increased its holdings in Rayonier Advanced Materials by 9.3% during the 2nd quarter. New York State Teachers Retirement System now owns 114,659 shares of the basic materials company’s stock worth $1,960,000 after purchasing an additional 9,786 shares during the period. OppenheimerFunds Inc. increased its holdings in Rayonier Advanced Materials by 43.9% during the 2nd quarter. OppenheimerFunds Inc. now owns 42,718 shares of the basic materials company’s stock worth $730,000 after purchasing an additional 13,029 shares during the period. Portolan Capital Management LLC increased its holdings in Rayonier Advanced Materials by 20.0% during the 2nd quarter. Portolan Capital Management LLC now owns 324,868 shares of the basic materials company’s stock worth $5,552,000 after purchasing an additional 54,037 shares during the period. Finally, Bowen Hanes & Co. Inc. increased its holdings in Rayonier Advanced Materials by 23.5% during the 3rd quarter. Bowen Hanes & Co. Inc. now owns 1,000,000 shares of the basic materials company’s stock worth $18,430,000 after purchasing an additional 190,000 shares during the period. 96.62% of the stock is currently owned by institutional investors and hedge funds.
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About Rayonier Advanced Materials (NYSE:RYAM)
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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