Jennison Associates LLC Grows Stake in Avient Co. (NYSE:AVNT)

Jennison Associates LLC lifted its stake in Avient Co. (NYSE:AVNT - Free Report) by 7.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,825,283 shares of the company's stock after buying an additional 128,718 shares during the period. Jennison Associates LLC owned approximately 2.00% of Avient worth $74,581,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position 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 purchasing an additional 121,349 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Avient by 1.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,057,356 shares of the company's stock valued at $204,166,000 after buying an additional 65,452 shares during the last quarter. Geode Capital Management LLC boosted its position in Avient by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,174,292 shares of the company's stock valued at $109,431,000 after buying an additional 43,249 shares during the period. Westfield Capital Management Co. LP grew its holdings in Avient by 4.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,522,656 shares of the company's stock worth $76,620,000 after acquiring an additional 63,138 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of 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 during the period. Institutional investors own 95.48% of the company's stock.

Avient Stock Down 1.2 %

Avient stock traded down $0.51 during trading hours on Friday, hitting $42.11. 493,452 shares of the stock traded hands, compared to its average volume of 526,166. Avient Co. has a one year low of $35.86 and a one year high of $54.68. The company has a market cap of $3.85 billion, a PE ratio of 25.99, a PEG ratio of 1.08 and a beta of 1.51. The firm's 50-day moving average price is $43.30 and its two-hundred day moving average price is $46.42. The company has a current ratio of 1.63, a quick ratio of 1.21 and a debt-to-equity ratio of 0.87.

Wall Street Analyst Weigh In

AVNT has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on shares of Avient from $55.00 to $59.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Oppenheimer lifted their price objective on Avient from $53.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Finally, Seaport Res Ptn cut Avient from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Avient has a consensus rating of "Moderate Buy" and an average target price of $55.50.

About Avient

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.