AdvanSix (NYSE:ASIX) Trading Up 12.5% Following Dividend Announcement

AdvanSix (NYSE:ASIX) shares were up 12.5% during mid-day trading on Monday after the company announced a dividend. The company traded as high as $22.63 and last traded at $22.8650. Approximately 140,337 shares traded hands during trading, a decline of 67% from the average daily volume of 424,647 shares. The stock had previously closed at $20.32.

The newly announced dividend which will be paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, May 19th. AdvanSix’s dividend payout ratio is 172.97%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ASIX shares. Loop Capital set a $25.00 price objective on shares of AdvanSix in a research report on Thursday, March 12th. Truist Financial increased their price objective on shares of AdvanSix from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Weiss Ratings raised shares of AdvanSix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen cut shares of AdvanSix from a “buy” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $25.67.

AdvanSix Stock Performance

The firm has a market cap of $615.50 million, a P/E ratio of 61.71 and a beta of 1.33. The company has a current ratio of 1.23, a quick ratio of 0.68 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average is $22.28 and its two-hundred day moving average is $18.96.

AdvanSix (NYSE:ASIX) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.02). AdvanSix had a net margin of 0.67% and a return on equity of 2.18%. The business had revenue of $404.18 million during the quarter, compared to the consensus estimate of $364.90 million.

Hedge Funds Weigh In On AdvanSix

Several large investors have recently added to or reduced their stakes in ASIX. Aegis Financial Corp bought a new position in AdvanSix in the 4th quarter valued at about $20,927,000. Millennium Management LLC bought a new position in shares of AdvanSix during the 4th quarter worth approximately $11,479,000. Alliancebernstein L.P. lifted its position in shares of AdvanSix by 55.3% during the 3rd quarter. Alliancebernstein L.P. now owns 948,491 shares of the company’s stock worth $18,382,000 after buying an additional 337,908 shares in the last quarter. Invenomic Capital Management LP bought a new position in shares of AdvanSix during the 3rd quarter worth approximately $6,054,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of AdvanSix by 149.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 378,610 shares of the company’s stock worth $6,550,000 after buying an additional 226,756 shares in the last quarter. Institutional investors own 86.39% of the company’s stock.

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.