AdvanSix (NYSE:ASIX) Shares Gap Up After Better-Than-Expected Earnings

Shares of AdvanSix (NYSE:ASIX) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $18.77, but opened at $19.50. AdvanSix shares last traded at $18.9050, with a volume of 60,739 shares.

The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.09. AdvanSix had a return on equity of 6.97% and a net margin of 3.24%.The firm had revenue of $359.95 million for the quarter, compared to analysts’ expectations of $340.85 million.

AdvanSix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Monday, March 9th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, March 9th. AdvanSix’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ASIX. Weiss Ratings reiterated a “sell (d+)” rating on shares of AdvanSix in a research note on Monday, December 29th. Truist Financial boosted their price objective on shares of AdvanSix from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Monday. Finally, Wall Street Zen upgraded AdvanSix from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, AdvanSix currently has an average rating of “Hold” and an average price target of $29.00.

Institutional Investors Weigh In On AdvanSix

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of AdvanSix in the 2nd quarter worth $29,000. Osaic Holdings Inc. lifted its holdings in 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 acquiring an additional 483 shares during the period. Hantz Financial Services Inc. boosted its position in AdvanSix by 90.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,358 shares of the company’s stock worth $41,000 after purchasing an additional 1,117 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of AdvanSix by 185.2% during the 3rd quarter. Versant Capital Management Inc now owns 2,142 shares of the company’s stock valued at $42,000 after purchasing an additional 1,391 shares during the period. Finally, CIBC Private Wealth Group LLC increased its position in shares of AdvanSix by 27,537.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,211 shares of the company’s stock valued at $43,000 after purchasing an additional 2,203 shares during the last quarter. 86.39% of the stock is currently owned by hedge funds and other institutional investors.

AdvanSix Stock Down 3.8%

The company’s 50-day moving average price is $17.47 and its 200 day moving average price is $18.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.52 and a current ratio of 1.13. The stock has a market cap of $484.77 million, a PE ratio of 9.97 and a beta of 1.73.

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.