Irenic Capital Management LP Makes New $15.01 Million Investment in Rayonier Advanced Materials Inc. $RYAM

Key Points

• Irenic Capital Management acquired 1.36 million shares of Rayonier Advanced Materials, valued at approximately $15.0 million, giving it a 2.01% stake and making RYAM a top-22 portfolio holding.
• Institutional ownership remains high at 68.64%, with several other hedge funds initiating or increasing positions during the first quarter.
• Analyst sentiment is cautious: RYAM has a consensus “Reduce” rating and a $13 average price target. The company recently missed quarterly EPS estimates, reporting a loss of $1.22 per share despite revenue exceeding expectations.

Irenic Capital Management LP acquired a new position in Rayonier Advanced Materials Inc. (NYSE:RYAM - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,356,166 shares of the basic materials company's stock, valued at approximately $15,013,000. Rayonier Advanced Materials comprises 1.0% of Irenic Capital Management LP's investment portfolio, making the stock its 22nd biggest holding. Irenic Capital Management LP owned 2.01% of Rayonier Advanced Materials as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of RYAM. Quantinno Capital Management LP grew its holdings in Rayonier Advanced Materials by 10.7% during the first quarter. Quantinno Capital Management LP now owns 89,211 shares of the basic materials company's stock worth $988,000 after buying an additional 8,596 shares in the last quarter. SummitTX Capital L.P. bought a new position in Rayonier Advanced Materials during the 1st quarter valued at $2,341,000. Lazard Asset Management LLC bought a new position in Rayonier Advanced Materials during the 1st quarter valued at $2,150,000. Waverly Advisors LLC purchased a new position in Rayonier Advanced Materials during the 1st quarter worth $1,298,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Rayonier Advanced Materials during the 1st quarter worth $220,000. Hedge funds and other institutional investors own 68.64% of the company's stock.

Wall Street Analysts Forecast Growth

RYAM has been the subject of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rayonier Advanced Materials in a report on Friday, July 17th. Zacks Research downgraded shares of Rayonier Advanced Materials from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 7th. Royal Bank Of Canada decreased their price objective on shares of Rayonier Advanced Materials from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Friday, July 17th. Finally, Wall Street Zen raised shares of Rayonier Advanced Materials from a "sell" rating to a "hold" rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $13.00.

Rayonier Advanced Materials Trading Up 3.1%

Shares of Rayonier Advanced Materials stock opened at $8.77 on Wednesday. Rayonier Advanced Materials Inc. has a 1 year low of $3.35 and a 1 year high of $11.85. The firm has a market cap of $591.18 million, a PE ratio of -1.24 and a beta of 1.78. The stock has a fifty day moving average price of $8.24 and a 200-day moving average price of $8.94. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.37 and a quick ratio of 0.79.

Rayonier Advanced Materials (NYSE:RYAM - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported ($1.22) earnings per share for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.60). The company had revenue of $319.06 million during the quarter, compared to analysts' expectations of $302.63 million. Rayonier Advanced Materials had a negative return on equity of 43.24% and a negative net margin of 32.86%. Equities research analysts anticipate that Rayonier Advanced Materials Inc. will post -1.16 EPS 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.

Want to see what other hedge funds are holding RYAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rayonier Advanced Materials Inc. (NYSE:RYAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.