JPMorgan Chase & Co. Buys 111,489 Shares of Avient Co. (NYSE:AVNT)

JPMorgan Chase & Co. grew its holdings in Avient Co. (NYSE:AVNT - Free Report) by 22.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 608,621 shares of the company's stock after purchasing an additional 111,489 shares during the period. JPMorgan Chase & Co. owned about 0.67% of Avient worth $30,626,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in Avient by 162.9% during the second quarter. Victory Capital Management Inc. now owns 748,675 shares of the company's stock worth $32,680,000 after acquiring an additional 463,919 shares during the last quarter. Millennium Management LLC lifted its holdings in Avient by 836.9% during the 2nd quarter. Millennium Management LLC now owns 480,227 shares of the company's stock worth $20,962,000 after purchasing an additional 428,971 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Avient by 120.6% in 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. Dimensional Fund Advisors LP raised its position in shares of Avient by 3.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,936,318 shares of the company's stock valued at $171,818,000 after buying an additional 149,283 shares in the last quarter. Finally, State Street Corp raised its holdings in Avient by 3.0% in the 3rd 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. 95.48% of the stock is owned by institutional investors.

Avient Stock Performance

NYSE AVNT traded down $0.59 on Wednesday, hitting $38.78. 378,023 shares of the stock traded hands, compared to its average volume of 601,365. 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 business's fifty day moving average is $47.23 and its two-hundred day moving average is $46.73. Avient Co. has a 12 month low of $35.50 and a 12 month high of $54.68. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 23.94, a PEG ratio of 1.22 and a beta of 1.52.

Avient (NYSE:AVNT - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $815.20 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts anticipate that Avient Co. will post 2.66 EPS for the current fiscal year.

Insider Activity at Avient

In other Avient news, SVP Joel R. Rathbun sold 5,762 shares of the business's stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available at this link. 1.88% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of Avient from $55.00 to $59.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Oppenheimer upped their price target on Avient from $53.00 to $58.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, Seaport Res Ptn lowered shares of Avient from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.