Rayonier Advanced Materials (NYSE:RYAM) Given New $6.00 Price Target at Royal Bank of Canada

Rayonier Advanced Materials (NYSE:RYAM) had its price target cut by Royal Bank of Canada from $9.00 to $6.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an outperform rating on the basic materials company’s stock.

Separately, StockNews.com upgraded Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a report on Wednesday.

Rayonier Advanced Materials Trading Down 4.7 %

NYSE:RYAM opened at $3.76 on Thursday. The firm has a fifty day simple moving average of $5.05 and a two-hundred day simple moving average of $7.02. Rayonier Advanced Materials has a 12 month low of $3.45 and a 12 month high of $10.28. The stock has a market capitalization of $250.65 million, a price-to-earnings ratio of -2.93 and a beta of 2.63. The company has a current ratio of 1.73, a quick ratio of 1.09 and a debt-to-equity ratio of 1.02.

Rayonier Advanced Materials (NYSE:RYAM) last issued its earnings results on Tuesday, May 6th. The basic materials company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.35). The firm had revenue of $356.00 million during the quarter, compared to the consensus estimate of $375.80 million. Rayonier Advanced Materials had a negative net margin of 5.21% and a negative return on equity of 1.61%. Analysts expect that Rayonier Advanced Materials will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Rayonier Advanced Materials

Hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP bought a new position in shares of Rayonier Advanced Materials in the first quarter valued at approximately $1,296,000. Royce & Associates LP bought a new position in shares of Rayonier Advanced Materials during the 1st quarter worth approximately $103,000. Y Intercept Hong Kong Ltd increased its position in shares of Rayonier Advanced Materials by 155.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 129,488 shares of the basic materials company’s stock valued at $745,000 after acquiring an additional 78,881 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Rayonier Advanced Materials by 38.4% during the first quarter. Victory Capital Management Inc. now owns 39,978 shares of the basic materials company’s stock worth $230,000 after acquiring an additional 11,095 shares during the period. Finally, Saxon Interests Inc. bought a new stake in Rayonier Advanced Materials during the first quarter worth $117,000. Institutional investors and hedge funds 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.