Rayonier Advanced Materials (NYSE:RYAM) Price Target Raised to $12.00 at Royal Bank of Canada

Rayonier Advanced Materials (NYSE:RYAM) had its price target hoisted by Royal Bank of Canada from $10.00 to $12.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the basic materials company’s stock.

Separately, StockNews.com lowered Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research note on Wednesday.

Rayonier Advanced Materials Stock Performance

NYSE:RYAM traded up $0.04 during trading hours on Thursday, reaching $10.04. The stock had a trading volume of 427,346 shares, compared to its average volume of 538,258. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.09 and a current ratio of 1.73. The stock has a 50 day simple moving average of $8.14 and a 200 day simple moving average of $6.53. Rayonier Advanced Materials has a 12-month low of $3.02 and a 12-month high of $10.24.

Rayonier Advanced Materials (NYSE:RYAM) last posted its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.06. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $412.20 million. Rayonier Advanced Materials had a negative net margin of 5.21% and a negative return on equity of 1.61%. During the same period in the prior year, the business earned ($0.41) earnings per share. Sell-side analysts forecast that Rayonier Advanced Materials will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC lifted its position in Rayonier Advanced Materials by 121.9% during the 3rd quarter. nVerses Capital LLC now owns 7,100 shares of the basic materials company’s stock valued at $61,000 after acquiring an additional 3,900 shares during the period. Quarry LP purchased a new stake in Rayonier Advanced Materials during the 2nd quarter valued at $29,000. Mercer Global Advisors Inc. ADV bought a new stake in Rayonier Advanced Materials in the 2nd quarter worth about $61,000. Truist Financial Corp purchased a new position in Rayonier Advanced Materials in the 2nd quarter worth about $66,000. Finally, Rhumbline Advisers lifted its stake in Rayonier Advanced Materials by 14.3% during the 2nd quarter. Rhumbline Advisers now owns 149,490 shares of the basic materials company’s stock valued at $813,000 after acquiring an additional 18,754 shares during the period. Hedge funds and other institutional investors own 68.64% of the company’s stock.

About Rayonier Advanced Materials

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.