Truist Financial Cuts AdvanSix (NYSE:ASIX) Price Target to $18.00

Key Points

• Truist Financial lowered AdvanSix’s price target from $20 to $18 while maintaining a “hold” rating, implying approximately 10.4% upside from the prior close.
• Analyst sentiment remains cautious: MarketBeat reports a consensus “Reduce” rating and an average target price of $21.50, with two Hold ratings and one Sell rating.
• AdvanSix recently missed quarterly expectations, reporting $0.19 in earnings per share versus $0.56 expected and revenue of $421.28 million versus $452 million forecast; shares traded at $16.30, near the lower end of their 12-month range.

AdvanSix (NYSE:ASIX - Get Free Report) had its price objective reduced by Truist Financial from $20.00 to $18.00 in a report released on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's target price would suggest a potential upside of 10.40% from the company's previous close.

A number of other equities analysts have also commented on ASIX. Weiss Ratings lowered AdvanSix from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, May 13th. Wall Street Zen lowered shares of AdvanSix from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Zacks Research upgraded shares of AdvanSix to a "hold" rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $21.50.

AdvanSix Price Performance

NYSE:ASIX traded down $0.17 during mid-day trading on Monday, reaching $16.30. The stock had a trading volume of 188,244 shares, compared to its average volume of 354,488. AdvanSix has a 12 month low of $14.10 and a 12 month high of $26.73. The stock has a market capitalization of $439.58 million, a PE ratio of -24.66 and a beta of 1.29. 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 stock has a 50-day simple moving average of $20.64 and a two-hundred day simple moving average of $20.82.

AdvanSix (NYSE:ASIX - Get Free Report) last announced its quarterly earnings data 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 business 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%. On average, equities analysts anticipate that AdvanSix will post 0.85 earnings per share for the current year.

Institutional Trading of AdvanSix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in shares of AdvanSix by 23.2% during the first quarter. Royal Bank of Canada now owns 18,990 shares of the company's stock worth $430,000 after acquiring an additional 3,575 shares in the last quarter. AQR Capital Management LLC boosted its stake in AdvanSix by 35.7% during the 1st quarter. AQR Capital Management LLC now owns 74,743 shares of the company's stock valued at $1,693,000 after purchasing an additional 19,668 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 purchasing an additional 604 shares during the last quarter. Creative Planning raised its stake in shares of AdvanSix by 13.2% in the second quarter. Creative Planning now owns 11,961 shares of the company's stock worth $284,000 after purchasing an additional 1,399 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of AdvanSix by 3.2% in the second quarter. First Trust Advisors LP now owns 120,113 shares of the company's stock valued at $2,853,000 after purchasing an additional 3,696 shares in the last quarter. Institutional investors own 86.39% of the company's stock.

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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