Intech Investment Management LLC Increases Stake in Avient Co. (NYSE:AVNT)

Intech Investment Management LLC boosted its stake in Avient Co. (NYSE:AVNT - Free Report) by 54.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,493 shares of the company's stock after acquiring an additional 9,994 shares during the period. Intech Investment Management LLC's holdings in Avient were worth $1,434,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in Avient by 1.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,057,356 shares of the company's stock worth $204,166,000 after acquiring an additional 65,452 shares during the period. Dimensional Fund Advisors LP grew its stake in Avient by 3.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,936,318 shares of the company's stock valued at $171,818,000 after acquiring an additional 149,283 shares in the last quarter. Jennison Associates LLC grew its stake in Avient by 1.1% during the third quarter. Jennison Associates LLC now owns 1,696,565 shares of the company's stock valued at $85,371,000 after acquiring an additional 17,976 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Avient by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 871,196 shares of the company's stock valued at $38,028,000 after acquiring an additional 6,881 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Avient by 120.6% during the third quarter. Assenagon Asset Management S.A. now owns 784,178 shares of the company's stock valued at $39,460,000 after acquiring an additional 428,624 shares in the last quarter. Institutional investors own 95.48% of the company's stock.

Insider Transactions at Avient

In other news, SVP Joel R. Rathbun sold 5,762 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $51.45, for a total value of $296,454.90. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.06% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on AVNT shares. Seaport Res Ptn lowered shares of Avient from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their price objective on shares of Avient from $52.00 to $55.00 and gave the stock an "overweight" rating in a report on Tuesday, October 15th. Oppenheimer upped their price target on shares of Avient from $53.00 to $58.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a "hold" rating to a "buy" rating and upped their price target for the company from $49.00 to $52.00 in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Avient Trading Down 1.3 %

NYSE:AVNT traded down $0.67 during midday trading on Tuesday, reaching $52.50. 535,177 shares of the stock traded hands, compared to its average volume of 463,351. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.21 and a current ratio of 1.63. The company has a fifty day moving average of $49.51 and a 200 day moving average of $46.54. The stock has a market capitalization of $4.80 billion, a P/E ratio of 32.41, a PEG ratio of 1.34 and a beta of 1.48. Avient Co. has a 12 month low of $33.84 and a 12 month high of $54.68.

Avient (NYSE:AVNT - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. The business had revenue of $815.20 million for the quarter, compared to the consensus estimate of $797.50 million. Avient had a net margin of 4.66% and a return on equity of 10.56%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. On average, research analysts predict that Avient Co. will post 2.66 EPS for the current year.

Avient Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be given a $0.27 dividend. The ex-dividend date is Friday, December 13th. This is an increase from Avient's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.06%. Avient's dividend payout ratio is currently 63.58%.

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.