Rayonier Advanced Materials Inc. $RYAM Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its stake in Rayonier Advanced Materials Inc. (NYSE:RYAM) by 11.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,625,314 shares of the basic materials company’s stock after selling 213,338 shares during the quarter. Renaissance Technologies LLC’s holdings in Rayonier Advanced Materials were worth $17,992,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Osaic Holdings Inc. increased its stake in shares of Rayonier Advanced Materials by 754.4% during the 2nd quarter. Osaic Holdings Inc. now owns 7,963 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 7,031 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in Rayonier Advanced Materials in the 4th quarter worth about $76,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Rayonier Advanced Materials in the fourth quarter worth approximately $86,000. Balyasny Asset Management L.P. acquired a new position in shares of Rayonier Advanced Materials in the 4th quarter valued at $117,000. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in Rayonier Advanced Materials by 39.5% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 20,198 shares of the basic materials company’s stock valued at $119,000 after acquiring an additional 5,721 shares during the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rayonier Advanced Materials in a report on Friday, July 17th. Wall Street Zen upgraded shares of Rayonier Advanced Materials from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Royal Bank Of Canada cut their price objective on shares of Rayonier Advanced Materials from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, July 17th. Finally, Zacks Research cut Rayonier Advanced Materials from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Rayonier Advanced Materials currently has a consensus rating of “Reduce” and a consensus target price of $13.00.

Rayonier Advanced Materials Trading Up 7.6%

Shares of RYAM stock opened at $8.96 on Friday. Rayonier Advanced Materials Inc. has a fifty-two week low of $3.35 and a fifty-two week high of $11.85. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 3.21. The stock has a 50-day simple moving average of $8.25 and a 200 day simple moving average of $8.96. The stock has a market capitalization of $604.60 million, a P/E ratio of -1.27 and a beta of 1.78.

Rayonier Advanced Materials (NYSE:RYAM) last released its quarterly earnings results on Tuesday, May 5th. The basic materials company reported ($1.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.60). The firm had revenue of $319.06 million for the quarter, compared to analyst estimates of $302.63 million. Rayonier Advanced Materials had a negative net margin of 32.86% and a negative return on equity of 43.24%. On average, sell-side analysts expect that Rayonier Advanced Materials Inc. will post -1.16 earnings per share for the current fiscal year.

About Rayonier Advanced Materials

Rayonier Advanced Materials, Inc is a publicly traded specialty bioproducts company focused on the production of high-purity cellulose and engineered wood products. Headquartered in Jacksonville, Florida, the company operates a network of manufacturing facilities across North America, New Zealand and Europe. Its cellulose specialties business produces dissolving pulps and high-purity fibers that serve a range of end markets, including food and beverage, personal care, pharmaceuticals and textiles.