Rayonier Advanced Materials Inc. (NYSE:RYAM) Short Interest Down 22.6% in November

Rayonier Advanced Materials Inc. (NYSE:RYAM) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 647,500 shares, a drop of 22.6% from the October 31st total of 836,200 shares. Based on an average trading volume of 563,600 shares, the days-to-cover ratio is currently 1.1 days. Approximately 1.0% of the shares of the company are short sold.

Hedge Funds Weigh In On Rayonier Advanced Materials

A number of large investors have recently added to or reduced their stakes in RYAM. Quarry LP acquired a new stake in shares of Rayonier Advanced Materials in the second quarter valued at about $29,000. Mercer Global Advisors Inc. ADV purchased a new position in Rayonier Advanced Materials in the 2nd quarter valued at about $61,000. nVerses Capital LLC boosted its holdings 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 buying an additional 3,900 shares during the last quarter. Truist Financial Corp purchased a new stake in Rayonier Advanced Materials during the 2nd quarter worth approximately $66,000. Finally, Intech Investment Management LLC acquired a new position in shares of Rayonier Advanced Materials during the third quarter valued at approximately $139,000. 68.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. StockNews.com upgraded shares of Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research note on Wednesday. Royal Bank of Canada lifted their price objective on shares of Rayonier Advanced Materials from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Thursday, November 7th.

Rayonier Advanced Materials Price Performance

NYSE RYAM traded up $0.09 during trading hours on Friday, reaching $8.81. The company’s stock had a trading volume of 190,456 shares, compared to its average volume of 616,813. The company’s 50-day moving average is $8.60 and its two-hundred day moving average is $7.11. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.09 and a current ratio of 1.73. Rayonier Advanced Materials has a 1-year low of $3.15 and a 1-year high of $10.28.

Rayonier Advanced Materials (NYSE:RYAM) last posted its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.06. Rayonier Advanced Materials had a negative return on equity of 1.61% and a negative net margin of 5.21%. The business had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $412.20 million. During the same period in the previous year, the business earned ($0.41) earnings per share. On average, sell-side analysts anticipate that Rayonier Advanced Materials will post -0.08 EPS for the current year.

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.