Bank of America Corp DE Buys 147,002 Shares of AdvanSix $ASIX

Key Points

• Bank of America acquired 147,002 AdvanSix shares in the second quarter, worth approximately $2.9 million and representing about 0.54% of the company. Institutional investors and hedge funds collectively own 86.39% of AdvanSix.
• Analyst sentiment is weak: AdvanSix carries an average “Reduce” rating with a $21.50 target price, while recent coverage included downgrades and a reduced price target from Truist Financial.
• AdvanSix reported quarterly earnings of $0.19 per share, missing estimates of $0.56, and revenue of $421.28 million versus expectations of $452 million. The company pays a $0.16 quarterly dividend, equivalent to a 4.0% annualized yield.

Bank of America Corp DE purchased a new stake in shares of AdvanSix (NYSE:ASIX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 147,002 shares of the company's stock, valued at approximately $2,922,000. Bank of America Corp DE owned about 0.54% of AdvanSix at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Odyssean LLC bought a new stake in AdvanSix in the second quarter worth approximately $240,000. PDT Partners LLC bought a new stake in shares of AdvanSix in the 2nd quarter valued at $838,000. Canada Pension Plan Investment Board bought a new stake in shares of AdvanSix in the 2nd quarter valued at $612,000. Solas Capital Management LLC boosted its stake in AdvanSix by 10.5% during the second quarter. Solas Capital Management LLC now owns 571,324 shares of the company's stock worth $11,358,000 after acquiring an additional 54,295 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in AdvanSix during the second quarter worth $52,000. 86.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ASIX. Wall Street Zen lowered shares of AdvanSix from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Truist Financial decreased their target price on AdvanSix from $20.00 to $18.00 and set a "hold" rating for the company in a research report on Monday, August 10th. Finally, Weiss Ratings downgraded AdvanSix from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, AdvanSix currently has an average rating of "Reduce" and an average target price of $21.50.

AdvanSix Stock Performance

ASIX stock opened at $16.04 on Wednesday. The business has a 50 day moving average of $17.57 and a 200-day moving average of $20.47. The company has a quick ratio of 0.70, a current ratio of 1.28 and a debt-to-equity ratio of 0.35. The firm has a market cap of $433.04 million, a PE ratio of -24.30 and a beta of 1.26. AdvanSix has a 12-month low of $14.10 and a 12-month high of $26.73.

AdvanSix (NYSE:ASIX - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.37). The company had revenue of $421.28 million for the quarter, compared to the consensus estimate of $452.00 million. AdvanSix had a negative net margin of 1.14% and a negative return on equity of 1.28%. As a group, sell-side analysts expect that AdvanSix will post -0.15 earnings per share for the current year.

AdvanSix Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $0.64 annualized dividend and a yield of 4.0%. AdvanSix's dividend payout ratio (DPR) is -96.97%.

About AdvanSix

AdvanSix Inc NYSE: ASIX is a diversified chemistry company that produces materials used in a range of industrial and consumer applications. The company's primary product is nylon 6 resin, a high-performance polymer used in products such as engineered plastics, automotive components, electrical and electronics applications, packaging films, carpets, and industrial fibers.

AdvanSix also manufactures caprolactam, an intermediate used to produce nylon 6, along with ammonium sulfate fertilizer and a variety of chemical intermediates, including acetone and phenol.

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