Several large investors recently adjusted their stakes in Rayonier Advanced Materials. Mirae Asset Global Investments purchased a new position worth $159,000. BNP Paribas Financial Markets boosted its shareholding by 319.8%, now owning 69,950 shares valued at $334,000 after buying an additional 53,288 shares. Empowered Funds LLC increased its stake by 8.2%, owning 258,558 shares worth $1,236,000 after acquiring 19,567 more. Susquehanna Fundamental Investments bought a new stake worth about $219,000. Russell Investments Group significantly raised its position by 471.8%, now holding 1,997,437 shares valued at $9,548,000. Institutional investors control 68.64% of the company’s stock.
Rayonier Advanced Materials Stock Update
Rayonier Advanced Materials shares opened at $7.98, with a 50-day average price of $7.95 and a 200-day average price of $6.20. The market cap is $523.30 million, with a price-to-earnings ratio of -4.96. The stock has fluctuated between $2.66 and $8.97 over the past year.
The company reported earnings on August 6, posting $0.19 earnings per share (EPS), exceeding estimates of ($0.07). Revenue was $419 million, beating analyst expectations of $407.10 million, compared to ($0.25) EPS from the same quarter last year. Analysts estimate an EPS of -0.36 for the current fiscal year.
Wall Street Analysts’ Outlook
Royal Bank of Canada increased its price target for Rayonier Advanced Materials from $9.00 to $10.00, rating it “outperform.” StockNews.com upgraded its rating from “hold” to “buy.”
Company Overview
Rayonier Advanced Materials Inc. manufactures cellulose specialty products globally, operating in segments like High Purity Cellulose and High-Yield Pulp. Its products are used in items such as liquid crystal displays, plastics, and pharmaceuticals.
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