Invenomic Capital Management LP Buys New Stake in AdvanSix $ASIX

Invenomic Capital Management LP purchased a new position in shares of AdvanSix (NYSE:ASIX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 312,371 shares of the company’s stock, valued at approximately $6,054,000. Invenomic Capital Management LP owned approximately 1.16% of AdvanSix as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Osaic Holdings Inc. grew its stake in shares of AdvanSix by 60.2% in the second quarter. Osaic Holdings Inc. now owns 1,285 shares of the company’s stock valued at $31,000 after buying an additional 483 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AdvanSix by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,147 shares of the company’s stock worth $343,000 after acquiring an additional 604 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in AdvanSix by 8.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,862 shares of the company’s stock valued at $234,000 after acquiring an additional 746 shares during the period. NorthCrest Asset Manangement LLC grew its position in AdvanSix by 8.8% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 12,576 shares of the company’s stock valued at $257,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in AdvanSix by 8.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 14,733 shares of the company’s stock valued at $286,000 after acquiring an additional 1,134 shares in the last quarter. 86.39% of the stock is currently owned by hedge funds and other institutional investors.

AdvanSix Stock Down 1.8%

Shares of AdvanSix stock opened at $20.61 on Monday. The company has a quick ratio of 0.52, a current ratio of 1.13 and a debt-to-equity ratio of 0.26. AdvanSix has a 52-week low of $14.10 and a 52-week high of $25.53. The company has a market capitalization of $553.66 million, a P/E ratio of 11.38 and a beta of 1.66. The company has a 50 day moving average of $18.05 and a 200 day moving average of $18.18.

AdvanSix (NYSE:ASIX) last announced its quarterly earnings data on Friday, February 20th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.09. The business had revenue of $359.95 million for the quarter, compared to analyst estimates of $340.85 million. AdvanSix had a net margin of 3.24% and a return on equity of 6.97%. As a group, research analysts forecast that AdvanSix will post 4 EPS for the current fiscal year.

AdvanSix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Monday, March 9th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, March 9th. AdvanSix’s dividend payout ratio is currently 35.36%.

Analyst Upgrades and Downgrades

ASIX has been the topic of several recent research reports. Truist Financial upped their target price on shares of AdvanSix from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of AdvanSix in a research report on Monday, December 29th. Loop Capital set a $25.00 target price on AdvanSix in a report on Thursday. Finally, Wall Street Zen downgraded AdvanSix from a “buy” rating to a “hold” rating in a report on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, AdvanSix currently has an average rating of “Hold” and an average target price of $28.00.

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.