Rayonier Advanced Materials Inc. (NYSE:RYAM) Sees Large Increase in Short Interest

Key Points

• Rayonier Advanced Materials Inc. experienced a significant 57% increase in short interest, rising to 1,150,000 shares as of August 15th, 2023.
• CEO Delyle W. Bloomquist purchased 53,533 shares of the company's stock for $252,140, increasing his ownership by 11.01%.
• The company reported a loss of $0.43 EPS for the last quarter, which was below analyst estimates, with revenues of $340 million compared to expectations of $387.07 million.

Rayonier Advanced Materials Inc. (NYSE:RYAM - Get Free Report) was the recipient of a significant growth in short interest in August. As of August 15th, there was short interest totaling 1,150,000 shares, agrowthof57.0% from the July 31st total of 732,300 shares. Based on an average daily volume of 587,200 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily volume of 587,200 shares, the days-to-cover ratio is currently 2.0 days.

Insider Activity at Rayonier Advanced Materials

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

Hedge Funds Weigh In On Rayonier Advanced Materials

Several hedge funds have recently bought and sold shares of RYAM. Osaic Holdings Inc. lifted its stake in Rayonier Advanced Materials by 754.4% during the 2nd quarter. Osaic Holdings Inc. now owns 7,963 shares of the basic materials company's stock worth $31,000 after acquiring an additional 7,031 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in Rayonier Advanced Materials during the 1st quarter worth about $34,000. Quadrature Capital Ltd purchased a new stake in Rayonier Advanced Materials during the 2nd quarter worth about $52,000. Royce & Associates LP purchased a new stake in Rayonier Advanced Materials during the 1st quarter worth about $103,000. Finally, Hsbc Holdings PLC increased its position in Rayonier Advanced Materials by 36.6% during the fourth quarter. Hsbc Holdings PLC now owns 14,367 shares of the basic materials company's stock worth $117,000 after buying an additional 3,852 shares during the period. Institutional investors and hedge funds own 68.64% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Zacks Research upgraded Rayonier Advanced Materials to a "strong sell" rating in a research report on Friday, August 8th. Wall Street Zen cut Rayonier Advanced Materials from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $6.00.

Rayonier Advanced Materials Trading Up 5.0%

Shares of Rayonier Advanced Materials stock traded up $0.29 during trading hours on Friday, hitting $5.95. The company's stock had a trading volume of 641,470 shares, compared to its average volume of 740,875. Rayonier Advanced Materials has a twelve month low of $3.35 and a twelve month high of $10.28. The firm has a fifty day moving average of $4.60 and a 200-day moving average of $4.73. The stock has a market cap of $398.32 million, a price-to-earnings ratio of -0.89 and a beta of 2.55. 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 (NYSE:RYAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The basic materials company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.23). Rayonier Advanced Materials had a negative net margin of 29.23% and a negative return on equity of 12.11%. The business had revenue of $340.00 million during the quarter, compared to analyst estimates of $387.07 million. Research analysts forecast that Rayonier Advanced Materials will post -0.08 EPS for the current year.

About Rayonier Advanced Materials

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.

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