SummerHaven Investment Management LLC Makes New Investment in AdvanSix $ASIX

SummerHaven Investment Management LLC purchased a new stake in AdvanSix (NYSE:ASIX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,247 shares of the company’s stock, valued at approximately $702,000. SummerHaven Investment Management LLC owned 0.14% of AdvanSix as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its stake in AdvanSix by 165.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 413,813 shares of the company’s stock worth $9,828,000 after purchasing an additional 257,789 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of AdvanSix by 133.4% during the second quarter. Bank of America Corp DE now owns 238,874 shares of the company’s stock worth $5,673,000 after buying an additional 136,523 shares in the last quarter. CenterBook Partners LP acquired a new stake in AdvanSix in the 2nd quarter valued at approximately $2,967,000. Lazard Asset Management LLC lifted its stake in AdvanSix by 1,569.5% in the 2nd quarter. Lazard Asset Management LLC now owns 112,741 shares of the company’s stock valued at $2,677,000 after acquiring an additional 105,988 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in AdvanSix by 106.6% during the 2nd quarter. AQR Capital Management LLC now owns 154,404 shares of the company’s stock worth $3,667,000 after acquiring an additional 79,661 shares during the last quarter. 86.39% of the stock is currently owned by institutional investors.

AdvanSix Price Performance

Shares of AdvanSix stock opened at $16.40 on Thursday. The company has a quick ratio of 0.74, a current ratio of 1.36 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $440.50 million, a price-to-earnings ratio of 8.54 and a beta of 1.71. AdvanSix has a twelve month low of $14.10 and a twelve month high of $32.27. The company has a 50-day simple moving average of $16.60 and a two-hundred day simple moving average of $18.66.

AdvanSix (NYSE:ASIX) last announced its earnings results on Friday, November 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.32). The business had revenue of $374.47 million for the quarter, compared to analyst estimates of $365.00 million. AdvanSix had a return on equity of 7.14% and a net margin of 3.52%. Analysts forecast that AdvanSix will post 4 EPS for the current year.

AdvanSix Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 2nd. Shareholders of record on Tuesday, November 18th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $0.64 annualized dividend and a yield of 3.9%. AdvanSix’s payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial began coverage on shares of AdvanSix in a report on Thursday, January 15th. They issued a “hold” rating and a $19.00 price objective on the stock. Wall Street Zen cut shares of AdvanSix from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of AdvanSix in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, AdvanSix has an average rating of “Hold” and a consensus price target of $28.67.

About AdvanSix

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.