AdvanSix (NYSE:ASIX) Shares Cross Above 50-Day Moving Average – Here’s What Happened

AdvanSix (NYSE:ASIX)’s stock price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $16.26 and traded as high as $16.82. AdvanSix shares last traded at $16.7190, with a volume of 379,587 shares traded.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Truist Financial cut their target price on AdvanSix from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Monday, August 10th. Wall Street Zen cut shares of AdvanSix from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of AdvanSix from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, August 21st. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, AdvanSix currently has an average rating of “Reduce” and an average price target of $21.50.

AdvanSix Price Performance

The company’s fifty day simple moving average is $16.26 and its two-hundred day simple moving average is $19.40. 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 has a market capitalization of $451.41 million, a PE ratio of -19.90 and a beta of 1.27.

AdvanSix (NYSE:ASIX) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.20). AdvanSix had a negative net margin of 1.14% and a negative return on equity of 1.28%. The firm had revenue of $430.81 million during the quarter, compared to analyst estimates of $426.00 million. As a group, sell-side analysts predict that AdvanSix will post -0.15 EPS for the current year.

AdvanSix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, November 17th. AdvanSix’s payout ratio is presently -96.97%.

Hedge Funds Weigh In On AdvanSix

Several institutional investors have recently bought and sold shares of ASIX. BlackRock Inc. acquired a new stake in AdvanSix during the 2nd quarter worth about $48,517,000. Dimensional Fund Advisors LP raised its holdings in shares of AdvanSix by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,311,006 shares of the company’s stock worth $31,988,000 after purchasing an additional 8,131 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in AdvanSix by 78.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 728,292 shares of the company’s stock valued at $17,770,000 after buying an additional 319,528 shares during the last quarter. Solas Capital Management LLC lifted its stake in shares of AdvanSix by 10.5% in the 2nd quarter. Solas Capital Management LLC now owns 571,324 shares of the company’s stock worth $11,358,000 after acquiring an additional 54,295 shares during the period. Finally, Empowered Funds LLC acquired a new position in AdvanSix in the 2nd quarter valued at approximately $6,017,000. 86.39% of the stock is owned by hedge funds and other institutional investors.

AdvanSix Company Profile

AdvanSix Inc (NYSE:ASIX) is a diversified chemistry company that manufactures and sells polymer resins, chemical intermediates and performance products. Its portfolio includes nylon 6 resin, caprolactam, ammonium sulfate fertilizer, acetone and other chemical products used in a range of industrial and consumer applications.

The company’s nylon 6 products are used in fibers, engineered plastics, films, automotive components, electrical and electronics products, and other applications. Its chemical intermediates support the production of coatings, adhesives, solvents and other materials, while its ammonium sulfate products are marketed as nitrogen and sulfur fertilizers for agricultural use.

AdvanSix was established as an independent, publicly traded company in 2016 following its separation from Honeywell International.