AdvanSix (NYSE:ASIX) Shares Gap Down – Here’s What Happened

AdvanSix (NYSE:ASIX)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $22.33, but opened at $21.32. AdvanSix shares last traded at $21.3890, with a volume of 4,210 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on ASIX. Wall Street Zen downgraded AdvanSix from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Loop Capital set a $25.00 price target on AdvanSix in a research note on Thursday, March 12th. Truist Financial boosted their price target on AdvanSix from $19.00 to $20.00 and gave the company a “hold” rating in a research note on Monday, February 23rd. Weiss Ratings downgraded AdvanSix from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 13th. Finally, Zacks Research upgraded AdvanSix to a “hold” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $22.50.

AdvanSix Stock Up 0.6%

The company has a quick ratio of 0.68, a current ratio of 1.23 and a debt-to-equity ratio of 0.34. The stock has a market cap of $577.49 million, a PE ratio of 58.04 and a beta of 1.28. The business has a 50 day moving average price of $22.74 and a 200 day moving average price of $19.90.

AdvanSix (NYSE:ASIX) last issued its earnings results on Friday, May 8th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). AdvanSix had a return on equity of 2.18% and a net margin of 0.67%.The company had revenue of $404.18 million during the quarter, compared to analysts’ expectations of $364.90 million. Equities research analysts expect that AdvanSix will post 0.85 EPS for the current fiscal year.

AdvanSix Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th were paid a $0.16 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. AdvanSix’s dividend payout ratio is presently 172.97%.

Hedge Funds Weigh In On AdvanSix

A number of large investors have recently bought and sold shares of the business. Infrastructure Capital Advisors LLC raised its holdings in AdvanSix by 15.5% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 14,748 shares of the company’s stock worth $360,000 after purchasing an additional 1,981 shares during the period. Quantinno Capital Management LP raised its holdings in AdvanSix by 32.1% in the 1st quarter. Quantinno Capital Management LP now owns 39,563 shares of the company’s stock worth $965,000 after purchasing an additional 9,615 shares during the period. Public Employees Retirement System of Ohio raised its holdings in AdvanSix by 253.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 6,474 shares of the company’s stock worth $158,000 after purchasing an additional 4,642 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings 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. Finally, Caxton Associates LLP acquired a new position in AdvanSix in the 1st quarter worth about $436,000. Institutional investors and hedge funds own 86.39% of the company’s stock.

AdvanSix Company 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.