Solas Capital Management LLC Takes $11.36 Million Position in AdvanSix $ASIX

Key Points

• Solas Capital Management acquired 571,324 AdvanSix shares worth approximately $11.36 million, giving it a 2.12% stake and making ASIX its eighth-largest portfolio holding. Institutional investors collectively own 86.39% of the company.
• AdvanSix received mostly negative analyst sentiment, with an average rating of “Reduce” and a consensus price target of $21.50; Truist lowered its target to $18, while Wall Street Zen and Weiss Ratings issued further downgrades.
• The company missed quarterly expectations, reporting $0.19 EPS versus a $0.56 estimate and revenue of $421.28 million versus $452 million expected. AdvanSix nevertheless announced a quarterly dividend of $0.16, representing a 3.8% annualized yield.

Solas Capital Management LLC acquired a new stake in shares of AdvanSix (NYSE:ASIX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 571,324 shares of the company's stock, valued at approximately $11,358,000. AdvanSix makes up approximately 6.1% of Solas Capital Management LLC's portfolio, making the stock its 8th largest position. Solas Capital Management LLC owned 2.12% of AdvanSix as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada grew its position in shares of AdvanSix by 23.2% during the 1st 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 raised its position in shares of AdvanSix by 35.7% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of AdvanSix by 4.2% in 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 boosted its stake in AdvanSix by 13.2% during the second quarter. Creative Planning now owns 11,961 shares of the company's stock valued at $284,000 after buying an additional 1,399 shares during the period. Finally, First Trust Advisors LP boosted its stake in AdvanSix by 3.2% during the second 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 period. Institutional investors own 86.39% of the company's stock.

Analyst Ratings Changes

ASIX has been the topic of a number of research analyst reports. Wall Street Zen lowered AdvanSix from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings downgraded AdvanSix from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday. Zacks Research raised AdvanSix to a "hold" rating in a report on Tuesday, May 12th. Finally, Truist Financial decreased their price objective 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. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $21.50.

AdvanSix Trading Down 2.2%

NYSE ASIX opened at $16.81 on Tuesday. The stock's 50-day simple moving average is $19.49 and its two-hundred day simple moving average is $20.83. AdvanSix has a twelve month low of $14.10 and a twelve month high of $26.73. 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 company has a market capitalization of $453.84 million, a price-to-earnings ratio of -25.47 and a beta of 1.29.

AdvanSix (NYSE:ASIX - Get Free Report) last issued its quarterly 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). The firm had revenue of $421.28 million for the quarter, compared to the consensus estimate of $452.00 million. AdvanSix had a negative return on equity of 1.28% and a negative net margin of 1.14%. Research analysts forecast that AdvanSix will post -0.15 EPS for the current fiscal year.

AdvanSix Announces Dividend

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

AdvanSix 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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