Corebridge Financial Inc. Lowers Stock Position in Avient Co. (NYSE:AVNT)

Corebridge Financial Inc. lowered its position in Avient Co. (NYSE:AVNT - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 147,653 shares of the company's stock after selling 7,946 shares during the period. Corebridge Financial Inc. owned about 0.16% of Avient worth $6,033,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Avient by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,243,128 shares of the company's stock valued at $62,554,000 after buying an additional 9,893 shares in the last quarter. Citigroup Inc. raised its position in Avient by 220.0% during the third quarter. Citigroup Inc. now owns 94,063 shares of the company's stock worth $4,733,000 after acquiring an additional 64,665 shares during the period. Cerity Partners LLC lifted its holdings in Avient by 48.5% during the third quarter. Cerity Partners LLC now owns 30,868 shares of the company's stock valued at $1,553,000 after purchasing an additional 10,088 shares in the last quarter. FMR LLC grew its position in shares of Avient by 288.0% in the third quarter. FMR LLC now owns 26,138 shares of the company's stock valued at $1,315,000 after purchasing an additional 19,401 shares during the period. Finally, Glenmede Trust Co. NA increased its stake in shares of Avient by 40.6% during the third quarter. Glenmede Trust Co. NA now owns 8,084 shares of the company's stock worth $407,000 after purchasing an additional 2,335 shares in the last quarter. 95.48% of the stock is owned by hedge funds and other institutional investors.

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Avient Trading Down 0.8 %

NYSE:AVNT traded down $0.29 during trading hours on Tuesday, hitting $36.87. The company had a trading volume of 702,782 shares, compared to its average volume of 516,726. Avient Co. has a 1 year low of $36.01 and a 1 year high of $54.68. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.88. The company has a 50-day moving average of $41.68 and a 200 day moving average of $45.25. The company has a market cap of $3.37 billion, a P/E ratio of 20.15, a P/E/G ratio of 1.25 and a beta of 1.43.

Avient (NYSE:AVNT - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.49 earnings per share (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%. Sell-side analysts expect that Avient Co. will post 2.85 earnings per share for the current year.

Avient Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be given a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.08 annualized dividend and a yield of 2.93%. Avient's payout ratio is 59.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Baird R W raised Avient to a "hold" rating in a report on Friday, March 14th. Wells Fargo & Company reduced their price objective on Avient from $59.00 to $55.00 and set an "overweight" rating for the company in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft raised their price objective on Avient from $45.00 to $50.00 and gave the company a "buy" rating in a report on Friday, February 14th. Robert W. Baird initiated coverage on shares of Avient in a report on Friday, March 14th. They set a "neutral" rating and a $43.00 target price for the company. Finally, Seaport Res Ptn upgraded shares of Avient from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. Two research analysts have 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 company currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.80.

Avient Company Profile

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.