Assenagon Asset Management S.A. Has $1.07 Million Stock Holdings in Rayonier Advanced Materials Inc. $RYAM

Key Points

• Assenagon Asset Management cut its Rayonier Advanced Materials stake by 67.7% in the second quarter, selling 286,490 shares and retaining 136,437 shares worth approximately $1.07 million. Institutional investors collectively own 68.64% of the company.
• Analyst sentiment remains mixed, with ratings ranging from sell to buy and a consensus rating of “Hold”; Royal Bank of Canada lowered its price target to $13 from $14.
• Rayonier Advanced Materials reported a quarterly loss of $0.30 per share, missing estimates by $0.08, despite revenue of $376.14 million exceeding expectations. The company’s shares opened at $8.40, while analysts forecast a full-year loss of $1.28 per share.

Assenagon Asset Management S.A. decreased its stake in Rayonier Advanced Materials Inc. (NYSE:RYAM - Free Report) by 67.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,437 shares of the basic materials company's stock after selling 286,490 shares during the period. Assenagon Asset Management S.A. owned 0.20% of Rayonier Advanced Materials worth $1,072,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Irenic Capital Management LP acquired a new position in Rayonier Advanced Materials during the first quarter worth $15,013,000. Quantinno Capital Management LP raised its holdings in shares of Rayonier Advanced Materials by 10.7% in the 1st quarter. Quantinno Capital Management LP now owns 89,211 shares of the basic materials company's stock valued at $988,000 after purchasing an additional 8,596 shares during the period. SummitTX Capital L.P. bought a new stake in shares of Rayonier Advanced Materials in the 1st quarter valued at about $2,341,000. Lazard Asset Management LLC acquired a new stake in Rayonier Advanced Materials in the 1st quarter valued at about $2,150,000. Finally, Waverly Advisors LLC acquired a new stake in Rayonier Advanced Materials in the 1st quarter valued at about $1,298,000. Institutional investors and hedge funds own 68.64% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen upgraded Rayonier Advanced Materials from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. Zacks Research raised Rayonier Advanced Materials from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Rayonier Advanced Materials in a research note on Friday, July 17th. Finally, Royal Bank Of Canada cut their price target on Rayonier Advanced Materials from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $13.00.

Rayonier Advanced Materials Stock Performance

Shares of NYSE:RYAM opened at $8.40 on Friday. Rayonier Advanced Materials Inc. has a 12-month low of $4.82 and a 12-month high of $11.85. The company's 50 day moving average price is $8.25 and its two-hundred day moving average price is $9.00. The firm has a market cap of $568.45 million, a PE ratio of -4.00 and a beta of 1.77. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 3.83.

Rayonier Advanced Materials (NYSE:RYAM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The basic materials company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.08). Rayonier Advanced Materials had a negative net margin of 9.53% and a negative return on equity of 46.19%. The business had revenue of $376.14 million during the quarter, compared to analyst estimates of $362.00 million. Equities research analysts predict that Rayonier Advanced Materials Inc. will post -1.28 earnings per share for the current year.

About Rayonier Advanced Materials

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.

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