Rayonier Advanced Materials Inc. (NYSE:RYAM) Sees Significant Decrease in Short Interest

Rayonier Advanced Materials Inc. (NYSE:RYAM) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 647,100 shares, a decline of 29.6% from the February 28th total of 919,200 shares. Based on an average daily trading volume, of 486,500 shares, the short-interest ratio is presently 1.3 days. Approximately 1.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On Rayonier Advanced Materials

Several hedge funds have recently modified their holdings of RYAM. Millennium Management LLC lifted its stake in shares of Rayonier Advanced Materials by 127.0% during the fourth quarter. Millennium Management LLC now owns 846,678 shares of the basic materials company’s stock valued at $6,985,000 after buying an additional 473,723 shares during the period. Renaissance Technologies LLC raised its holdings in Rayonier Advanced Materials by 29.8% in the 4th quarter. Renaissance Technologies LLC now owns 2,021,444 shares of the basic materials company’s stock valued at $16,677,000 after acquiring an additional 464,630 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Rayonier Advanced Materials by 20.3% during the 4th quarter. American Century Companies Inc. now owns 2,169,320 shares of the basic materials company’s stock worth $17,897,000 after purchasing an additional 366,009 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Rayonier Advanced Materials by 66.8% during the fourth quarter. JPMorgan Chase & Co. now owns 835,388 shares of the basic materials company’s stock worth $6,892,000 after purchasing an additional 334,497 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Rayonier Advanced Materials by 64.4% in the fourth quarter. AQR Capital Management LLC now owns 507,373 shares of the basic materials company’s stock valued at $4,186,000 after purchasing an additional 198,709 shares during the period. 68.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RYAM. StockNews.com downgraded shares of Rayonier Advanced Materials from a “buy” rating to a “hold” rating in a report on Monday, March 10th. Royal Bank of Canada dropped their price objective on shares of Rayonier Advanced Materials from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, March 7th.

Rayonier Advanced Materials Price Performance

Shares of RYAM traded up $0.18 during trading hours on Monday, reaching $5.74. 808,523 shares of the company traded hands, compared to its average volume of 513,063. The stock has a market capitalization of $378.32 million, a PE ratio of -4.48 and a beta of 3.02. The stock has a fifty day simple moving average of $6.86 and a 200 day simple moving average of $7.79. Rayonier Advanced Materials has a fifty-two week low of $3.72 and a fifty-two week high of $10.28. The company has a quick ratio of 1.09, a current ratio of 1.73 and a debt-to-equity ratio of 1.02.

Rayonier Advanced Materials Company Profile

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.