Point72 Asset Management L.P. raised its stake in shares of Avient Co. (NYSE:AVNT - Free Report) by 112.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 151,953 shares of the company's stock after acquiring an additional 80,414 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.17% of Avient worth $7,646,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Avient by 88.6% in the 2nd quarter. GAMMA Investing LLC now owns 811 shares of the company's stock worth $35,000 after buying an additional 381 shares during the last quarter. SG Americas Securities LLC grew its holdings in Avient by 21.1% in the second quarter. SG Americas Securities LLC now owns 6,660 shares of the company's stock worth $291,000 after purchasing an additional 1,162 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Avient by 17.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,570 shares of the company's stock worth $330,000 after purchasing an additional 1,123 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Avient during the 2nd quarter valued at $15,520,000. Finally, Blue Trust Inc. boosted its position in shares of Avient by 783.8% in the 2nd quarter. Blue Trust Inc. now owns 7,777 shares of the company's stock worth $338,000 after purchasing an additional 6,897 shares in the last quarter. 95.48% of the stock is currently owned by hedge funds and other institutional investors.
Avient Stock Performance
AVNT traded down $0.05 on Friday, reaching $49.86. 416,086 shares of the stock were exchanged, compared to its average volume of 458,871. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.21. The company's 50-day moving average price is $49.87 and its 200 day moving average price is $46.89. The firm has a market capitalization of $4.56 billion, a PE ratio of 30.78, a PEG ratio of 1.29 and a beta of 1.50. Avient Co. has a fifty-two week low of $35.33 and a fifty-two week high of $54.68.
Avient (NYSE:AVNT - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. Avient had a return on equity of 10.56% and a net margin of 4.66%. The firm had revenue of $815.20 million during the quarter, compared to the consensus estimate of $797.50 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company's revenue was up 8.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Avient Co. will post 2.66 EPS for the current fiscal year.
Avient Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be issued a $0.27 dividend. This is an increase from Avient's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, December 13th. Avient's dividend payout ratio is 63.58%.
Analyst Ratings Changes
Several brokerages recently issued reports on AVNT. Oppenheimer upped their target price on Avient from $53.00 to $58.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Seaport Res Ptn downgraded shares of Avient from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. Finally, Wells Fargo & Company increased their price objective on shares of Avient from $55.00 to $59.00 and gave the company an "overweight" rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.50.
Read Our Latest Report on Avient
Insider Transactions at Avient
In other Avient news, SVP Joel R. Rathbun sold 5,762 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $51.45, for a total value of $296,454.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.88% of the company's stock.
About Avient
(
Free Report)
Avient Corporation operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in two segments, Color, Additives and Inks; and Specialty Engineered Materials. The Color, Additives and Inks segment offers custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, and specialty inks; custom-formulated liquid system, such as polyester, vinyl, natural rubber and latex, polyurethane, and silicone; and proprietary inks.
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