Is Rayonier Advanced Materials Inc (RYAM) A Good Stock To Buy?

Consequently, key money managers were leading the bulls’ herd. Steelhead Partners, managed by Michael Johnston, established the most valuable position in Rayonier Advanced Materials Inc (NYSE:RYAM). Steelhead Partners had $1 million invested in the company at the end of the quarter. Wayne Cooperman’s Cobalt Capital Management also made a $0.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Neil Chriss’s Hutchin Hill Capital, Alexander Mitchell’s Scopus Asset Management, and Chao Ku’s Nine Chapters Capital Management.

Let’s check out hedge fund activity in other stocks similar to Rayonier Advanced Materials Inc (NYSE:RYAM). These stocks are Amarin Corporation plc (ADR) (NASDAQ:AMRN), Curis, Inc. (NASDAQ:CRIS), CNB Financial Corporation Inc (NASDAQ:CCNE), and Seneca Foods Corp (NASDAQ:SENEA). This group of stocks’ market valuations match RYAM’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AMRN 13 50817 -1
CRIS 12 63249 0
CCNE 4 20991 1
SENEA 7 16465 2

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $26 million in RYAM’s case. Amarin Corporation plc (ADR) (NASDAQ:AMRN) is the most popular stock in this table. On the other hand CNB Financial Corporation Inc (NASDAQ:CCNE) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Rayonier Advanced Materials Inc (NYSE:RYAM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.