Bank of New York Mellon Corp Acquires Shares of 96,263 AdvanSix $ASIX

Key Points

• Bank of New York Mellon acquired 96,263 AdvanSix shares worth approximately $1.9 million, giving it a 0.36% stake. Institutional investors collectively own 86.39% of the company.
• AdvanSix shares fell 2.8% to $16.97 after the company missed quarterly earnings and revenue expectations, reporting $0.19 EPS versus the $0.56 consensus and $421.3 million in revenue versus $452 million expected.
• The company maintains a quarterly dividend of $0.16 per share, equivalent to a 3.8% annualized yield, while analysts hold a generally cautious “Reduce” consensus rating with a $21.50 average price target.

Bank of New York Mellon Corp bought a new position in AdvanSix (NYSE:ASIX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 96,263 shares of the company's stock, valued at approximately $1,914,000. Bank of New York Mellon Corp owned 0.36% of AdvanSix as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ASIX. Raymond James Financial Inc. acquired a new position in AdvanSix during the 2nd quarter worth approximately $29,000. Osaic Holdings Inc. raised its position in AdvanSix by 60.2% in the second quarter. Osaic Holdings Inc. now owns 1,285 shares of the company's stock worth $31,000 after acquiring an additional 483 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in AdvanSix by 90.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,358 shares of the company's stock valued at $41,000 after acquiring an additional 1,117 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in AdvanSix by 27,537.5% in the third quarter. CIBC Private Wealth Group LLC now owns 2,211 shares of the company's stock valued at $43,000 after acquiring an additional 2,203 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of AdvanSix by 144.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,385 shares of the company's stock worth $57,000 after purchasing an additional 1,408 shares in the last quarter. Hedge funds and other institutional investors own 86.39% of the company's stock.

AdvanSix Trading Down 2.8%

NYSE:ASIX opened at $16.97 on Wednesday. The company has a market capitalization of $458.16 million, a PE ratio of -25.71 and a beta of 1.26. 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 fifty day simple moving average of $18.82 and a 200-day simple moving average of $20.71.

AdvanSix (NYSE:ASIX - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.37). AdvanSix had a negative return on equity of 1.28% and a negative net margin of 1.14%.The business had revenue of $421.28 million during the quarter, compared to analysts' expectations of $452.00 million. On average, equities research analysts expect that AdvanSix will post -0.15 earnings per share for the current fiscal year.

AdvanSix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $0.64 annualized dividend and a yield of 3.8%. AdvanSix's dividend payout ratio (DPR) is presently -96.97%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ASIX shares. Weiss Ratings downgraded shares of AdvanSix from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, August 21st. Truist Financial lowered their target price on shares of AdvanSix from $20.00 to $18.00 and set a "hold" rating on the stock in a research report on Monday, August 10th. Zacks Research raised shares of AdvanSix to a "hold" rating in a report on Tuesday, May 12th. Finally, Wall Street Zen cut shares of AdvanSix from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, AdvanSix has a consensus rating of "Reduce" and an average target price of $21.50.

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.

Want to see what other hedge funds are holding ASIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AdvanSix (NYSE:ASIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.