Channing Capital Management LLC reduced its position in shares of Avient Co. (NYSE:AVNT - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,721,112 shares of the company's stock after selling 197,075 shares during the period. Avient comprises 1.9% of Channing Capital Management LLC's portfolio, making the stock its 26th largest position. Channing Capital Management LLC owned 1.88% of Avient worth $70,325,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in AVNT. State Street Corp raised its holdings in Avient by 3.0% in the third quarter. State Street Corp now owns 4,231,720 shares of the company's stock valued at $213,977,000 after acquiring an additional 121,349 shares in the last quarter. Geode Capital Management LLC raised its holdings in Avient by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,174,292 shares of the company's stock valued at $109,431,000 after acquiring an additional 43,249 shares in the last quarter. Jennison Associates LLC raised its holdings in Avient by 7.6% in the fourth quarter. Jennison Associates LLC now owns 1,825,283 shares of the company's stock valued at $74,581,000 after acquiring an additional 128,718 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in Avient by 4.3% in the third quarter. Westfield Capital Management Co. LP now owns 1,522,656 shares of the company's stock valued at $76,620,000 after acquiring an additional 63,138 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Avient by 1.2% in the third quarter. Lord Abbett & CO. LLC now owns 1,515,362 shares of the company's stock valued at $76,253,000 after acquiring an additional 17,765 shares in the last quarter. 95.48% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently issued reports on AVNT shares. Seaport Res Ptn raised shares of Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Robert W. Baird started coverage on shares of Avient in a research note on Friday. They set a "neutral" rating and a $43.00 target price for the company. Wells Fargo & Company lowered their target price on shares of Avient from $59.00 to $55.00 and set an "overweight" rating for the company 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 note on Friday, February 14th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $51.80.
Check Out Our Latest Stock Report on AVNT
Avient Stock Performance
Shares of Avient stock traded up $0.84 during trading on Friday, hitting $40.33. 644,570 shares of the stock were exchanged, compared to its average volume of 602,177. The stock's fifty day moving average is $41.92 and its 200 day moving average is $45.97. The stock has a market cap of $3.69 billion, a PE ratio of 22.04, a P/E/G ratio of 1.25 and a beta of 1.43. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.42 and a current ratio of 1.88. Avient Co. has a 12 month low of $37.63 and a 12 month high of $54.68.
Avient (NYSE:AVNT - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. As a group, sell-side analysts anticipate that Avient Co. will post 2.85 EPS for the current year.
Avient Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.08 annualized dividend and a yield of 2.68%. Avient's payout ratio is 59.02%.
Avient Profile
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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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