The Manufacturers Life Insurance Company Trims Position in AdvanSix Inc. (NYSE:ASIX)

The Manufacturers Life Insurance Company cut its holdings in shares of AdvanSix Inc. (NYSE:ASIX) by 7.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,401 shares of the company’s stock after selling 736 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AdvanSix were worth $268,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. AlphaQuest LLC purchased a new position in shares of AdvanSix during the fourth quarter valued at approximately $94,000. KLP Kapitalforvaltning AS bought a new stake in AdvanSix in the fourth quarter worth $137,000. GeoWealth Management LLC bought a new position in shares of AdvanSix during the fourth quarter valued at $221,000. Foundations Investment Advisors LLC bought a new position in shares of AdvanSix during the fourth quarter valued at $223,000. Finally, Envestnet Asset Management Inc. purchased a new stake in AdvanSix during the fourth quarter valued at $228,000. 86.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Achilles B. Kintiroglou sold 4,000 shares of AdvanSix stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $22.24, for a total value of $88,960.00. Following the transaction, the senior vice president now directly owns 36,363 shares in the company, valued at approximately $808,713.12. This trade represents a 9.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. StockNews.com cut AdvanSix from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. Piper Sandler lowered AdvanSix from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $35.00 to $26.00 in a research note on Monday, April 7th. Finally, UBS Group set a $35.00 price objective on AdvanSix in a research note on Tuesday, March 18th.

AdvanSix Trading Up 1.1%

ASIX opened at $23.49 on Monday. The stock’s fifty day moving average is $21.93 and its two-hundred day moving average is $27.02. The company has a market capitalization of $629.70 million, a P/E ratio of 14.59 and a beta of 1.59. AdvanSix Inc. has a 52 week low of $18.44 and a 52 week high of $33.00. The company has a quick ratio of 0.49, a current ratio of 1.08 and a debt-to-equity ratio of 0.25.

AdvanSix (NYSE:ASIX) last released its quarterly earnings data on Friday, February 21st. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.37) by $0.40. The company had revenue of $329.06 million for the quarter, compared to the consensus estimate of $377.15 million. AdvanSix had a return on equity of 6.26% and a net margin of 2.91%. Analysts forecast that AdvanSix Inc. will post 4 earnings per share for the current year.

AdvanSix Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.73%. AdvanSix’s dividend payout ratio is presently 20.51%.

AdvanSix Company Profile

AdvanSix Inc engages in the manufacture and sale of polymer resins in the United States and internationally. It offers Nylon 6, a polymer resin, which is a synthetic material used to produce fibers, filaments, engineered plastics, and films. The company also provides caprolactam to manufacture polymer resins; ammonium sulfate fertilizers to distributors, farm cooperatives, and retailers; and acetone that are used in the production of adhesives, paints, coatings, solvents, herbicides, and engineered plastic resins, as well as other intermediate chemicals, including phenol, monoisopropylamine, dipropylamine, monoallylamine, alpha-methylstyrene, cyclohexanone, methyl ethyl ketoxime, acetaldehyde oxime, 2-pentanone oxime, cyclohexanol, sulfuric acid, ammonia, and carbon dioxide.