Bank of New York Mellon Corp cut its stake in Avient Co. (NYSE:AVNT - Free Report) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 953,422 shares of the company's stock after selling 45,281 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.04% of Avient worth $38,957,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. increased its stake in shares of Avient by 44.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company's stock worth $50,000 after purchasing an additional 310 shares during the period. Point72 DIFC Ltd acquired a new position in Avient in the 3rd quarter valued at $60,000. Covestor Ltd increased its position in Avient by 185.5% during the 3rd quarter. Covestor Ltd now owns 1,459 shares of the company's stock worth $73,000 after buying an additional 948 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of Avient during the fourth quarter worth $96,000. Finally, Prudent Man Advisors LLC bought a new stake in Avient in the 3rd quarter valued at about $200,000. Institutional investors and hedge funds own 95.48% of the company's stock.
Wall Street Analyst Weigh In
AVNT has been the subject of several recent research reports. Seaport Res Ptn upgraded Avient from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Wells Fargo & Company reduced their price objective on shares of Avient from $59.00 to $55.00 and set an "overweight" rating on the stock in a research note on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Avient from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $54.00.
Read Our Latest Analysis on Avient
Avient Price Performance
NYSE:AVNT traded down $1.14 during trading hours on Monday, hitting $40.67. The company's stock had a trading volume of 830,718 shares, compared to its average volume of 608,750. Avient Co. has a twelve month low of $37.63 and a twelve month high of $54.68. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42. The stock has a fifty day simple moving average of $41.94 and a 200-day simple moving average of $46.12. The company has a market capitalization of $3.72 billion, a P/E ratio of 22.22, a PEG ratio of 1.25 and a beta of 1.43.
Avient (NYSE:AVNT - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.49 EPS for the quarter, hitting analysts' consensus estimates of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. On average, analysts anticipate that Avient Co. will post 2.85 EPS for the current fiscal year.
Avient Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th will be issued a $0.27 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $1.08 dividend on an annualized basis and a yield of 2.66%. Avient's payout ratio is presently 59.02%.
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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