Zacks Investment Research Lowers AdvanSix (ASIX) to Sell
AdvanSix (NYSE:ASIX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “AdvanSix Inc. is a producer and supplier of Nylon 6 materials. The company’s polymer resin sold under the Aegis(R) brand to produce engineered plastics, fibers, filaments and films which in turn used in end products such as automotive and electronic components, carpets, sports apparel, fishing nets and food as well as industrial packaging. AdvanSix also produces caprolactam, the main feedstock for producing nylon; Caprannylon film(R); Sulf-N (R) ammonium sulfate fertilizers and chemical intermediates, including phenol, acetone, and Nadone (R) cyclohexanone. AdvanSix Inc. is based in Morris Plains, United States. “
A number of other research analysts have also issued reports on the company. BidaskClub lowered AdvanSix from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 10th. ValuEngine downgraded AdvanSix from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Cowen boosted their price objective on AdvanSix from $37.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 6th.
Shares of AdvanSix (ASIX) traded up $0.67 during midday trading on Tuesday, hitting $40.64. The stock had a trading volume of 334,416 shares, compared to its average volume of 267,438. AdvanSix has a 1-year low of $19.74 and a 1-year high of $46.51. The company has a market cap of $1,225.72, a P/E ratio of 24.08 and a beta of 2.84. The company has a quick ratio of 0.93, a current ratio of 1.39 and a debt-to-equity ratio of 0.84.
In related news, Director Michael Marberry bought 539 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were bought at an average cost of $46.41 per share, with a total value of $25,014.99. Following the completion of the transaction, the director now directly owns 16,420 shares of the company’s stock, valued at $762,052.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 1,741 shares of company stock worth $74,944 over the last ninety days. 2.70% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ASIX. Russell Investments Group Ltd. boosted its stake in shares of AdvanSix by 117.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 147,395 shares of the company’s stock worth $4,605,000 after acquiring an additional 79,529 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in AdvanSix by 3.9% in the 2nd quarter. Great West Life Assurance Co. Can now owns 45,170 shares of the company’s stock valued at $1,409,000 after acquiring an additional 1,699 shares in the last quarter. Texas Permanent School Fund acquired a new position in AdvanSix in the 2nd quarter valued at approximately $694,000. Sei Investments Co. raised its holdings in AdvanSix by 69.4% in the 2nd quarter. Sei Investments Co. now owns 15,836 shares of the company’s stock valued at $494,000 after acquiring an additional 6,490 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in AdvanSix in the 2nd quarter valued at approximately $372,000. Hedge funds and other institutional investors own 71.35% of the company’s stock.
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AdvanSix Inc is an integrated manufacturer of Nylon 6. The Company also sells a variety of other products, all of which are produced as part of the Nylon 6 resin manufacturing process primarily, including caprolactam, ammonium sulfate fertilizers and other chemical intermediates. The Company operates primarily through its integrated manufacturing sites located in Frankford, Pennsylvania, Hopewell, Virginia, and Chesterfield, Virginia.
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