Connor Clark & Lunn Investment Management Ltd. Has $1.43 Million Position in Rayonier Advanced Materials Inc. (NYSE:RYAM)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in Rayonier Advanced Materials Inc. (NYSE:RYAM) by 12.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 167,481 shares of the basic materials company’s stock after selling 23,040 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rayonier Advanced Materials were worth $1,434,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RYAM. Quarry LP bought a new position in Rayonier Advanced Materials during the second quarter worth $29,000. nVerses Capital LLC grew its holdings in Rayonier Advanced Materials by 121.9% during the 3rd quarter. nVerses Capital LLC now owns 7,100 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 3,900 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Rayonier Advanced Materials during the 2nd quarter worth about $61,000. Truist Financial Corp bought a new position in shares of Rayonier Advanced Materials in the 2nd quarter worth about $66,000. Finally, Quest Partners LLC acquired a new stake in Rayonier Advanced Materials during the third quarter worth approximately $166,000. Institutional investors and hedge funds own 68.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Royal Bank of Canada increased their price target on Rayonier Advanced Materials from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. StockNews.com raised shares of Rayonier Advanced Materials from a “hold” rating to a “buy” rating in a research note on Friday, November 15th.

Rayonier Advanced Materials Stock Performance

Shares of Rayonier Advanced Materials stock opened at $8.82 on Wednesday. The business has a 50-day simple moving average of $8.56 and a 200 day simple moving average of $7.04. Rayonier Advanced Materials Inc. has a one year low of $3.02 and a one year high of $10.28. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.73 and a quick ratio of 1.09. The firm has a market capitalization of $581.38 million, a price-to-earnings ratio of -6.89 and a beta of 3.01.

Rayonier Advanced Materials (NYSE:RYAM) last released its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.06. Rayonier Advanced Materials had a negative return on equity of 1.61% and a negative net margin of 5.21%. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $412.20 million. During the same quarter in the previous year, the company posted ($0.41) earnings per share. On average, research analysts anticipate that Rayonier Advanced Materials Inc. will post -0.08 earnings per share for the current fiscal 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.