Empowered Funds LLC Acquires New Stake in AdvanSix $ASIX

Key Points

• Empowered Funds LLC acquired 302,687 AdvanSix shares worth approximately $6.0 million, giving it a 1.12% stake. Institutional investors collectively own 86.39% of the company.
• AdvanSix reported quarterly EPS of $0.19, well below the $0.56 consensus estimate, while revenue of $421.3 million also missed expectations. Analysts project a fiscal-year loss of $0.15 per share.
• The company declared a quarterly dividend of $0.16 per share, equivalent to $0.64 annually and a 3.9% yield. Shares opened at $16.53, and analysts maintain a consensus “Reduce” rating with a $21.50 price target.

Empowered Funds LLC bought a new position in AdvanSix (NYSE:ASIX - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 302,687 shares of the company's stock, valued at approximately $6,017,000. Empowered Funds LLC owned 1.12% of AdvanSix at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ASIX. Royal Bank of Canada lifted its holdings in shares of AdvanSix by 23.2% in the first quarter. Royal Bank of Canada now owns 18,990 shares of the company's stock valued at $430,000 after purchasing an additional 3,575 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of AdvanSix by 35.7% during the first quarter. AQR Capital Management LLC now owns 74,743 shares of the company's stock worth $1,693,000 after buying an additional 19,668 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of AdvanSix by 4.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,147 shares of the company's stock worth $343,000 after buying an additional 604 shares in the last quarter. Creative Planning grew its holdings in shares of AdvanSix by 13.2% during the second quarter. Creative Planning now owns 11,961 shares of the company's stock worth $284,000 after buying an additional 1,399 shares in the last quarter. Finally, First Trust Advisors LP raised its position in AdvanSix by 3.2% in the 2nd quarter. First Trust Advisors LP now owns 120,113 shares of the company's stock valued at $2,853,000 after buying an additional 3,696 shares during the last quarter. Institutional investors own 86.39% of the company's stock.

AdvanSix Price Performance

NYSE:ASIX opened at $16.53 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.70 and a current ratio of 1.28. The stock's 50-day simple moving average is $19.17 and its 200 day simple moving average is $20.78. The company has a market cap of $446.31 million, a P/E ratio of -25.05 and a beta of 1.29. AdvanSix has a 52-week low of $14.10 and a 52-week high of $26.73.

AdvanSix (NYSE:ASIX - Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.19 earnings per share (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 company had revenue of $421.28 million for the quarter, compared to the consensus estimate of $452.00 million. As a group, sell-side analysts forecast that AdvanSix will post -0.15 EPS for the current fiscal year.

AdvanSix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, August 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.9%. AdvanSix's dividend payout ratio is currently -96.97%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Zacks Research upgraded AdvanSix to a "hold" rating in a research note on Tuesday, May 12th. Truist Financial decreased their price target on shares of AdvanSix from $20.00 to $18.00 and set a "hold" rating for the company in a research note on Monday, August 10th. Wall Street Zen downgraded shares of AdvanSix from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings lowered shares of AdvanSix from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, August 21st. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $21.50.

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.

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