Rayonier Advanced Materials Inc. (NYSE:RYAM) Sees Significant Decrease in Short Interest

Rayonier Advanced Materials Inc. (NYSE:RYAM) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 791,700 shares, a decline of 28.0% from the August 15th total of 1,100,000 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily volume of 524,600 shares, the days-to-cover ratio is presently 1.5 days.

Hedge Funds Weigh In On Rayonier Advanced Materials

A number of institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new position in Rayonier Advanced Materials in the second quarter valued at $29,000. Mercer Global Advisors Inc. ADV acquired a new position in Rayonier Advanced Materials in the second quarter valued at $61,000. Truist Financial Corp acquired a new stake in Rayonier Advanced Materials during the second quarter worth about $66,000. Simplicity Wealth LLC acquired a new stake in Rayonier Advanced Materials during the first quarter worth about $59,000. Finally, Aristides Capital LLC acquired a new stake in Rayonier Advanced Materials during the fourth quarter worth about $69,000. 68.64% of the stock is owned by institutional investors and hedge funds.

Rayonier Advanced Materials Price Performance

RYAM traded down $0.01 during trading on Monday, reaching $7.74. 265,668 shares of the stock were exchanged, compared to its average volume of 523,924. Rayonier Advanced Materials has a 1 year low of $2.66 and a 1 year high of $7.99. The company has a market capitalization of $509.99 million, a price-to-earnings ratio of -4.81 and a beta of 3.00. The business’s 50 day moving average price is $6.78 and its two-hundred day moving average price is $5.46. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.69 and a quick ratio of 1.09.

Rayonier Advanced Materials (NYSE:RYAM) last released its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.26. Rayonier Advanced Materials had a negative return on equity of 3.96% and a negative net margin of 4.82%. The company had revenue of $419.00 million during the quarter, compared to analysts’ expectations of $407.10 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. As a group, equities research analysts anticipate that Rayonier Advanced Materials will post -0.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on RYAM shares. Royal Bank of Canada boosted their target price on Rayonier Advanced Materials from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. StockNews.com upgraded Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th.

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.