Savant Capital LLC has significantly reduced its stake in Rayonier Advanced Materials Inc. (NYSE: RYAM), selling 28,752 shares during the second quarter and decreasing its holdings by 71.0%. Following the sale, Savant Capital now holds 11,746 shares, valued at approximately $45,000 as per the latest filing with the Securities and Exchange Commission.
This decision by Savant Capital is part of a broader trend among institutional investors, with various hedge funds adjusting their positions in Rayonier Advanced Materials. Notably, Charles Schwab Investment Management Inc. increased its stake by 57.9% in the first quarter, acquiring an additional 238,998 shares to reach a total of 651,776 shares, valued at around $3.75 million.
Other significant changes include Strs Ohio, which purchased a new stake worth approximately $551,000, and Vanguard Group Inc., which raised its position by 1.6%, now owning 3,794,079 shares valued at $21.8 million. Furthermore, American Century Companies Inc. boosted its stake by 11.8% and Y Intercept Hong Kong Ltd increased its holdings by 155.9% in the same period. Collectively, institutional investors own 68.64% of Rayonier Advanced Materials’ stock.
Analyst Ratings and Stock Performance
Rayonier Advanced Materials has recently attracted the attention of analysts, with Zacks Research upgrading its rating from “strong sell” to “hold” on November 11, 2023. In contrast, Weiss Ratings maintained a “sell (d-)” rating in a report dated October 8, 2023. Among the analysts, one has given a Buy rating, while one has rated it as a Hold and another as a Sell. Currently, the stock holds a consensus rating of “Hold” with an average target price set at $6.00.
The stock opened at $6.02 on a recent trading day, reflecting its volatility in the market. Rayonier Advanced Materials has a debt-to-equity ratio of 2.26 and a current ratio of 1.57. Over the past year, the company’s stock has fluctuated between a low of $3.35 and a high of $9.16. The firm’s 50-day and 200-day simple moving averages stand at $6.82 and $5.24, respectively.
The latest quarterly earnings report published on November 4, 2023, indicated that Rayonier Advanced Materials achieved earnings per share (EPS) of ($0.07), aligning with analysts’ expectations. The company reported a negative return on equity of 13.64% and a negative net margin of 28.21%. Revenue for the quarter reached $352.84 million, falling short of the consensus estimate of $373.70 million. Analysts predict that the company will post an EPS of ($0.08) for the current fiscal year.
Company Overview
Rayonier Advanced Materials Inc. specializes in manufacturing cellulose specialty products and operates on a global scale, with markets in the United States, China, Canada, and several other regions. The company is organized into three main segments: High Purity Cellulose, Paperboard, and High-Yield Pulp. Its product offerings include cellulose specialties that serve as raw materials for a variety of consumer products, including liquid crystal displays, pharmaceuticals, and high-tenacity rayon yarn used in tires.
As investors and analysts continue to monitor Rayonier Advanced Materials’ performance, the recent changes in shareholding and analysts’ ratings will likely have implications for the company’s future trajectory in the market.
