Assenagon Asset Management S.A. Purchases 92,942 Shares of Rayonier Advanced Materials Inc. $RYAM

Assenagon Asset Management S.A. lifted its holdings in Rayonier Advanced Materials Inc. (NYSE:RYAM) by 28.2% in the first quarter, HoldingsChannel.com reports. The fund owned 422,927 shares of the basic materials company’s stock after buying an additional 92,942 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Rayonier Advanced Materials were worth $4,682,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in Rayonier Advanced Materials by 38.0% in the 1st quarter. Millennium Management LLC now owns 1,168,291 shares of the basic materials company’s stock worth $6,718,000 after purchasing an additional 321,613 shares during the period. Caxton Associates LLP purchased a new position in shares of Rayonier Advanced Materials in the first quarter worth $248,000. Empowered Funds LLC grew its stake in Rayonier Advanced Materials by 4.2% during the first quarter. Empowered Funds LLC now owns 372,031 shares of the basic materials company’s stock valued at $2,139,000 after acquiring an additional 15,071 shares in the last quarter. Geode Capital Management LLC grew its stake in Rayonier Advanced Materials by 1.3% during the second quarter. Geode Capital Management LLC now owns 1,539,236 shares of the basic materials company’s stock valued at $5,927,000 after acquiring an additional 19,999 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Rayonier Advanced Materials by 923.8% in the 2nd quarter. Marshall Wace LLP now owns 138,904 shares of the basic materials company’s stock valued at $535,000 after acquiring an additional 125,336 shares during the last quarter. Institutional investors own 68.64% of the company’s stock.

Rayonier Advanced Materials Stock Performance

Shares of NYSE:RYAM opened at $7.92 on Tuesday. The firm has a fifty day simple moving average of $8.91 and a two-hundred day simple moving average of $8.68. Rayonier Advanced Materials Inc. has a 52 week low of $3.35 and a 52 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 market capitalization of $533.79 million, a P/E ratio of -1.12 and a beta of 1.74.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on RYAM. Royal Bank Of Canada boosted their price target on shares of Rayonier Advanced Materials from $9.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rayonier Advanced Materials in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rayonier Advanced Materials presently has a consensus rating of “Hold” and a consensus target price of $14.00.

Rayonier Advanced Materials Profile

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.