Bridgeway Capital Management LLC Sells 323,026 Shares of Rayonier Advanced Materials Inc. $RYAM

Key Points

• Bridgeway Capital Management LLC reduced its stake in Rayonier Advanced Materials by 20.5%, selling 323,026 shares and holding 1,255,925 shares worth approximately $7.22 million.
• CEO Delyle W. Bloomquist purchased 53,533 shares at an average price of $4.71 per share, increasing his total ownership to 539,557 shares.
• Rayonier Advanced Materials reported a loss of $0.43 per share for the last quarter, missing analysts' expectations, with a revenue of $340 million compared to anticipated levels of $387.07 million.

Bridgeway Capital Management LLC reduced its stake in shares of Rayonier Advanced Materials Inc. (NYSE:RYAM - Free Report) by 20.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,255,925 shares of the basic materials company's stock after selling 323,026 shares during the quarter. Bridgeway Capital Management LLC owned about 1.88% of Rayonier Advanced Materials worth $7,222,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cubist Systematic Strategies LLC increased its stake in Rayonier Advanced Materials by 2.8% in the first quarter. Cubist Systematic Strategies LLC now owns 292,569 shares of the basic materials company's stock valued at $1,682,000 after purchasing an additional 7,884 shares in the last quarter. Trexquant Investment LP grew its holdings in shares of Rayonier Advanced Materials by 198.0% in the 1st quarter. Trexquant Investment LP now owns 131,633 shares of the basic materials company's stock valued at $757,000 after buying an additional 87,454 shares during the period. Jump Financial LLC increased its position in shares of Rayonier Advanced Materials by 32.3% in the 1st quarter. Jump Financial LLC now owns 79,698 shares of the basic materials company's stock valued at $458,000 after buying an additional 19,465 shares in the last quarter. Martingale Asset Management L P increased its position in shares of Rayonier Advanced Materials by 12.8% in the 1st quarter. Martingale Asset Management L P now owns 56,629 shares of the basic materials company's stock valued at $326,000 after buying an additional 6,428 shares in the last quarter. Finally, Quantbot Technologies LP raised its stake in Rayonier Advanced Materials by 52.6% during the 1st quarter. Quantbot Technologies LP now owns 37,673 shares of the basic materials company's stock worth $217,000 after buying an additional 12,980 shares during the period. 68.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Zacks Research upgraded Rayonier Advanced Materials from a "strong sell" rating to a "hold" rating in a report on Monday. Wall Street Zen lowered Rayonier Advanced Materials from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Rayonier Advanced Materials presently has a consensus rating of "Moderate Buy" and an average target price of $6.00.

Insider Buying and Selling at Rayonier Advanced Materials

In other news, CEO Delyle W. Bloomquist bought 53,533 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $4.71 per share, for a total transaction of $252,140.43. Following the completion of the acquisition, the chief executive officer owned 539,557 shares in the company, valued at approximately $2,541,313.47. This represents a 11.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.41% of the company's stock.

Rayonier Advanced Materials Stock Up 1.6%

Rayonier Advanced Materials stock traded up $0.10 during midday trading on Wednesday, reaching $6.07. The stock had a trading volume of 132,107 shares, compared to its average volume of 565,640. The stock has a market capitalization of $406.42 million, a P/E ratio of -0.91 and a beta of 2.56. The firm's fifty day simple moving average is $4.69 and its 200-day simple moving average is $4.73. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.83 and a current ratio of 1.45. Rayonier Advanced Materials Inc. has a 1-year low of $3.35 and a 1-year high of $10.28.

Rayonier Advanced Materials (NYSE:RYAM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The basic materials company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.23). The company had revenue of $340.00 million during the quarter, compared to the consensus estimate of $387.07 million. Rayonier Advanced Materials had a negative net margin of 29.23% and a negative return on equity of 12.11%. As a group, analysts expect that Rayonier Advanced Materials Inc. will post -0.08 EPS for the current fiscal year.

Rayonier Advanced Materials 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.