Clearline Capital LP lifted its holdings in Rayonier Advanced Materials Inc (NYSE:RYAM) by 57.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 394,958 shares of the basic materials company’s stock after purchasing an additional 144,625 shares during the quarter. Rayonier Advanced Materials accounts for approximately 4.2% of Clearline Capital LP’s investment portfolio, making the stock its 10th largest position. Clearline Capital LP owned 0.91% of Rayonier Advanced Materials worth $8,077,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of RYAM. Quantbot Technologies LP grew its holdings in shares of Rayonier Advanced Materials by 1,613.9% in the third quarter. Quantbot Technologies LP now owns 10,129 shares of the basic materials company’s stock valued at $138,000 after purchasing an additional 9,538 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Rayonier Advanced Materials in the third quarter valued at $176,000. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Rayonier Advanced Materials in the third quarter valued at $186,000. Trexquant Investment LP purchased a new position in shares of Rayonier Advanced Materials in the third quarter valued at $217,000. Finally, Miles Capital Inc. purchased a new position in Rayonier Advanced Materials during the fourth quarter worth $290,000. 94.21% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on RYAM. ValuEngine lowered shares of Rayonier Advanced Materials from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 7th. Zacks Investment Research raised shares of Rayonier Advanced Materials from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a research note on Thursday, January 4th. TheStreet raised shares of Rayonier Advanced Materials from a “c” rating to a “b” rating in a research note on Wednesday, December 13th. Bank of America lifted their price objective on shares of 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, Vertical Research lowered shares of Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Two investment 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 has a consensus rating of “Hold” and an average target price of $20.83.
Rayonier Advanced Materials (NYSE:RYAM) last issued its earnings results on Tuesday, February 20th. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.35. The firm had revenue of $349.00 million during the quarter, compared to analyst estimates of $349.31 million. Rayonier Advanced Materials had a net margin of 33.92% and a return on equity of 16.99%. The business’s revenue was up 51.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. sell-side analysts predict that Rayonier Advanced Materials Inc will post 1.75 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders 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 dividend yield of 1.43%. The ex-dividend date is Thursday, March 15th. Rayonier Advanced Materials’s dividend payout ratio is currently 8.00%.
Rayonier Advanced Materials announced that its Board of Directors has initiated a share buyback plan on Tuesday, February 20th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the basic materials company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
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Rayonier Advanced Materials Profile
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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