Prudential Financial Inc. boosted its stake in shares of Rayonier Advanced Materials Inc (NYSE:RYAM) by 21.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,128,947 shares of the basic materials company’s stock after purchasing an additional 197,163 shares during the quarter. Prudential Financial Inc. owned approximately 2.27% of Rayonier Advanced Materials worth $7,327,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Affinity Investment Advisors LLC grew its position in shares of Rayonier Advanced Materials by 36.0% during the second quarter. Affinity Investment Advisors LLC now owns 28,943 shares of the basic materials company’s stock worth $188,000 after buying an additional 7,658 shares in the last quarter. Schroder Investment Management Group purchased a new position in Rayonier Advanced Materials in the second quarter worth approximately $153,000. LSV Asset Management grew its holdings in Rayonier Advanced Materials by 4.3% during the 2nd quarter. LSV Asset Management now owns 1,902,502 shares of the basic materials company’s stock worth $12,347,000 after acquiring an additional 79,294 shares in the last quarter. GSA Capital Partners LLP grew its holdings in Rayonier Advanced Materials by 28.3% during the 2nd quarter. GSA Capital Partners LLP now owns 18,490 shares of the basic materials company’s stock worth $120,000 after acquiring an additional 4,080 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Rayonier Advanced Materials by 306.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 7,531 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 5,679 shares during the last quarter. Institutional investors own 92.96% of the company’s stock.
A number of equities analysts recently commented on the stock. Bank of America downgraded shares of Rayonier Advanced Materials from a “buy” rating to an “underperform” rating in a research note on Thursday, August 8th. Zacks Investment Research upgraded Rayonier Advanced Materials from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 6th. ValuEngine downgraded Rayonier Advanced Materials from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Royal Bank of Canada set a $10.00 price objective on Rayonier Advanced Materials and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Sidoti downgraded Rayonier Advanced Materials from a “buy” rating to a “neutral” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Rayonier Advanced Materials has an average rating of “Hold” and an average target price of $17.00.
Rayonier Advanced Materials (NYSE:RYAM) last posted its earnings results on Wednesday, August 7th. The basic materials company reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.17). Rayonier Advanced Materials had a net margin of 0.69% and a return on equity of 1.70%. The company had revenue of $488.00 million during the quarter, compared to analysts’ expectations of $497.01 million. During the same period last year, the business earned $0.60 earnings per share. The company’s quarterly revenue was down 10.0% on a year-over-year basis. As a group, equities research analysts anticipate that Rayonier Advanced Materials Inc will post -0.97 EPS for the current year.
Rayonier Advanced Materials 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, Pulp, and 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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