Solas Capital Management LLC purchased a new stake in shares of AdvanSix (NYSE:ASIX – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 571,324 shares of the company’s stock, valued at approximately $11,358,000. AdvanSix accounts for 6.1% of Solas Capital Management LLC’s holdings, making the stock its 8th largest position.
Other large investors have also recently modified their holdings of the company. Lumbard & Kellner LLC purchased a new stake in AdvanSix during the 4th quarter valued at about $2,511,000. UBS Group AG increased its stake in AdvanSix by 23.0% in the 4th quarter. UBS Group AG now owns 141,875 shares of the company’s stock worth $2,454,000 after purchasing an additional 26,564 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in AdvanSix by 78.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 728,292 shares of the company’s stock worth $17,770,000 after purchasing an additional 319,528 shares during the period. Donald Smith & CO. Inc. bought a new stake in AdvanSix in the second quarter valued at approximately $4,228,000. Finally, Hsbc Holdings PLC bought a new stake in AdvanSix in the fourth quarter valued at approximately $612,000. Hedge funds and other institutional investors own 86.39% of the company’s stock.
AdvanSix Trading Down 2.2%
ASIX opened at $16.81 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 1.28 and a debt-to-equity ratio of 0.35. AdvanSix has a 52 week low of $14.10 and a 52 week high of $26.73. The stock has a market cap of $453.84 million, a PE ratio of -25.47 and a beta of 1.29. The business has a 50 day moving average of $19.49 and a 200-day moving average of $20.83.
AdvanSix Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, August 18th. AdvanSix’s payout ratio is -96.97%.
Analyst Ratings Changes
A number of research firms have recently weighed in on ASIX. Wall Street Zen lowered AdvanSix from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research raised shares of AdvanSix to a “hold” rating in a research note on Tuesday, May 12th. Weiss Ratings lowered shares of AdvanSix from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday. Finally, Truist Financial dropped their price target on shares of AdvanSix from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, August 10th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, AdvanSix presently has an average rating of “Reduce” and a consensus price target of $21.50.
AdvanSix Profile
AdvanSix, Inc (NYSE: ASIX) is an integrated chemical manufacturer specializing in the production of nylon 6 intermediates and related co‐products. Established as a publicly traded spin‐off from Honeywell Specialty Chemicals in June 2016, the company is headquartered in Parsippany, New Jersey.
The company’s principal product is caprolactam, the key building block for nylon 6 resin, used in fibers and engineering plastics across industries. In addition to caprolactam and nylon 6 resin, AdvanSix produces ammonium sulfate fertilizer and industrial chemicals such as phenol and acetone.
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