BlackRock Inc. Makes New $48.52 Million Investment in AdvanSix $ASIX

Key Points

• BlackRock acquired 2.44 million AdvanSix shares worth approximately $48.5 million, giving it a 9.05% stake. Institutional investors collectively own 86.39% of the company.
• AdvanSix reported disappointing quarterly results, with EPS of $0.19 versus the $0.56 consensus estimate and revenue of $421.28 million versus $452 million expected. Analysts project a full-year loss of $0.15 per share.
• The company declared a quarterly dividend of $0.16, equivalent to an annualized $0.64 payout and a 3.8% yield. Analyst sentiment remains cautious, with an average “Reduce” rating and a $21.50 consensus price target.

BlackRock Inc. bought a new stake in AdvanSix (NYSE:ASIX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,440,480 shares of the company's stock, valued at approximately $48,517,000. BlackRock Inc. owned about 9.05% of AdvanSix at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Aegis Financial Corp acquired a new stake in AdvanSix in the 4th quarter valued at approximately $20,927,000. Millennium Management LLC purchased a new stake in AdvanSix in the fourth quarter valued at approximately $11,479,000. Alliancebernstein L.P. lifted its stake in AdvanSix by 55.3% during the third quarter. Alliancebernstein L.P. now owns 948,491 shares of the company's stock worth $18,382,000 after purchasing an additional 337,908 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in AdvanSix by 78.2% during the first 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 in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of AdvanSix by 149.3% during the fourth 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 during the period. Hedge funds and other institutional investors own 86.39% of the company's stock.

AdvanSix Price Performance

ASIX stock opened at $16.81 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.28 and a quick ratio of 0.70. The firm has a market capitalization of $453.87 million, a P/E ratio of -25.47 and a beta of 1.29. The business's 50-day moving average is $19.12 and its two-hundred day moving average is $20.76. AdvanSix has a 1 year low of $14.10 and a 1 year high of $26.73.

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

AdvanSix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.8%. AdvanSix's dividend payout ratio is currently -96.97%.

Analyst Upgrades and Downgrades

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

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