KLP Kapitalforvaltning AS Purchases New Holdings in Avient Co. (NYSE:AVNT)

KLP Kapitalforvaltning AS bought a new stake in Avient Co. (NYSE:AVNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 19,200 shares of the company's stock, valued at approximately $789,000.

Several other hedge funds have also modified their holdings of the stock. Citigroup Inc. boosted its position in Avient by 220.0% in the 3rd quarter. Citigroup Inc. now owns 94,063 shares of the company's stock valued at $4,733,000 after buying an additional 64,665 shares during the last quarter. Cerity Partners LLC raised its position in shares of Avient by 48.5% in the 3rd 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 increased its stake in shares of Avient by 288.0% in the third quarter. FMR LLC now owns 26,138 shares of the company's stock worth $1,315,000 after buying an additional 19,401 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in Avient by 40.6% in the third quarter. Glenmede Trust Co. NA now owns 8,084 shares of the company's stock valued at $407,000 after acquiring an additional 2,335 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in Avient by 20.4% during the 3rd quarter. Captrust Financial Advisors now owns 18,331 shares of the company's stock valued at $922,000 after acquiring an additional 3,111 shares during the last quarter. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on AVNT. Robert W. Baird initiated coverage on Avient in a research note on Friday, March 14th. They issued a "neutral" rating and a $43.00 price target for the company. Seaport Res Ptn upgraded Avient from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Baird R W upgraded shares of Avient to a "hold" rating in a research report on Friday, March 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Avient from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Wells Fargo & Company decreased their price target on Avient from $59.00 to $55.00 and set an "overweight" rating for the company in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Avient presently has an average rating of "Moderate Buy" and a consensus target price of $51.80.

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Avient Price Performance

AVNT traded down $5.39 during trading on Thursday, reaching $32.49. The stock had a trading volume of 1,407,309 shares, compared to its average volume of 521,693. The company has a quick ratio of 1.42, a current ratio of 1.88 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.25 and a beta of 1.43. The stock has a 50 day moving average of $41.46 and a two-hundred day moving average of $45.12. Avient Co. has a 1-year low of $32.48 and a 1-year high of $54.68.

Avient (NYSE:AVNT - Get Free Report) last issued 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, equities analysts anticipate that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Tuesday, March 18th. Avient's payout ratio is 59.02%.

Avient 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.