Arizona State Retirement System increased its position in shares of Rayonier Advanced Materials Inc (NYSE:RYAM) by 288.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,039 shares of the basic materials company’s stock after purchasing an additional 64,634 shares during the quarter. Arizona State Retirement System owned approximately 0.20% of Rayonier Advanced Materials worth $1,780,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of RYAM. Rubric Capital Management LP increased its position in shares of Rayonier Advanced Materials by 170.9% during the third quarter. Rubric Capital Management LP now owns 1,714,864 shares of the basic materials company’s stock worth $23,494,000 after purchasing an additional 1,081,906 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Rayonier Advanced Materials by 35.8% during the third quarter. Sterling Capital Management LLC now owns 1,956,940 shares of the basic materials company’s stock worth $26,810,000 after purchasing an additional 515,529 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Rayonier Advanced Materials during the fourth quarter worth approximately $6,213,000. Point72 Asset Management L.P. purchased a new stake in shares of Rayonier Advanced Materials during the third quarter worth approximately $3,226,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Rayonier Advanced Materials by 39.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 399,868 shares of the basic materials company’s stock worth $8,178,000 after purchasing an additional 113,196 shares in the last quarter. Hedge funds and other institutional investors own 94.21% of the company’s stock.
Several analysts recently commented on the company. Zacks Investment Research upgraded Rayonier Advanced Materials from a “hold” rating to a “strong-buy” rating and set a $24.00 price target for the company in a research report on Thursday, January 4th. Vertical Research lowered Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. ValuEngine raised Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research note on Thursday, February 22nd. Bank of America boosted their price objective on Rayonier Advanced Materials from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, TheStreet raised Rayonier Advanced Materials from a “c” rating to a “b” rating in a research note on Wednesday, December 13th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $20.83.
Rayonier Advanced Materials (NYSE:RYAM) last released its quarterly earnings data on Tuesday, February 20th. The basic materials company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.35. The company had revenue of $349.00 million for the quarter, compared to analyst estimates of $349.31 million. Rayonier Advanced Materials had a return on equity of 16.99% and a net margin of 33.92%. The firm’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. equities analysts forecast that Rayonier Advanced Materials Inc will post 1.75 EPS for the current fiscal year.
Rayonier Advanced Materials declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 20th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Thursday, March 15th. Rayonier Advanced Materials’s dividend payout ratio (DPR) is currently 8.00%.
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About Rayonier Advanced Materials
Rayonier Advanced Materials Inc is engaged in the production of cellulose specialties. The Company’s product lines include cellulose specialties and commodity products. Its products are used in manufacturing processes. The Company’s products are sold throughout the world to companies for use in various industrial applications, and to produce a range of products, including cigarette filters, foods, pharmaceuticals, textiles and electronics.
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