CenterBook Partners Invests $2.97 Million in AdvanSix Shares

CenterBook Partners LP has acquired a new stake in AdvanSix (NYSE: ASIX) during the second quarter of 2023, as reported in its latest 13F filing with the Securities and Exchange Commission. The investment amounts to approximately $2.97 million, with the firm purchasing 124,915 shares of the company’s stock.

A number of institutional investors and hedge funds have also adjusted their positions in AdvanSix. For instance, Franklin Resources Inc. increased its holdings by 8.2%, now owning 17,494 shares worth about $415,000. Legal & General Group Plc raised its stake by 3.9%, bringing its total to 66,121 shares valued at $1.57 million. Similarly, Brandywine Global Investment Management LLC boosted its holdings by 19.9%, now owning 116,740 shares worth approximately $2.77 million.

Furthermore, Empowered Funds LLC increased its holdings by 1.5% to a total of 163,733 shares, valued at $3.89 million, while LSV Asset Management expanded its position by 4.7%, owning 629,706 shares worth $14.96 million. Currently, institutional investors and hedge funds collectively hold 86.39% of AdvanSix stock.

Market Performance and Analyst Ratings

AdvanSix has recently been the subject of various research reports. Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating on August 10, 2023. In contrast, Weiss Ratings maintained a “sell (d+)” rating in a report dated November 17, 2023. Overall, the consensus rating for AdvanSix is currently “Hold,” with a target price of $33.50, according to MarketBeat.com.

On November 7, 2023, AdvanSix reported its quarterly earnings, disclosing an earnings per share (EPS) of $0.08, which fell short of analysts’ expectations of $0.40. The company generated revenue of $374.47 million, surpassing estimates of $365 million. AdvanSix has a current market capitalization of $396.19 million, with a price-to-earnings ratio of 7.68 and a beta of 1.72.

As of the latest trading session, AdvanSix shares opened at $14.75, with a 50-day moving average of $18.77 and a two-hundred day moving average of $21.10. The stock has experienced a 52-week low of $14.10 and a high of $33.00.

Dividend Announcement and Company Overview

In a recent announcement, AdvanSix disclosed a quarterly dividend of $0.16, set to be paid on December 2, 2023. Shareholders on record as of November 18, 2023 will receive this dividend. This represents an annualized dividend of $0.64, translating to a dividend yield of 4.3%.

AdvanSix Inc. is engaged in the manufacturing and sale of polymer resins, both domestically and internationally. The company produces Nylon 6, a synthetic material utilized in various applications, including fibers, filaments, and engineered plastics. Additionally, AdvanSix supplies caprolactam to produce polymer resins, ammonium sulfate fertilizers for agricultural distributors, and acetone for uses in adhesives and coatings.

This recent investment by CenterBook Partners and the changes among institutional investors highlight a significant interest in AdvanSix, reflecting the company’s potential in the competitive market of polymer manufacturing.