Allspring Global Investments Holdings LLC boosted its stake in shares of Avient Co. (NYSE:AVNT - Free Report) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,057,356 shares of the company's stock after acquiring an additional 65,452 shares during the period. Allspring Global Investments Holdings LLC owned 4.45% of Avient worth $204,166,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in AVNT. UMB Bank n.a. increased its stake in Avient by 81.6% during the 3rd quarter. UMB Bank n.a. now owns 663 shares of the company's stock worth $33,000 after acquiring an additional 298 shares during the period. Headlands Technologies LLC bought a new position in shares of Avient in the 1st quarter valued at $35,000. GAMMA Investing LLC increased its stake in shares of Avient by 88.6% in the 2nd quarter. GAMMA Investing LLC now owns 811 shares of the company's stock valued at $35,000 after purchasing an additional 381 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Avient in the 2nd quarter valued at $59,000. Finally, CWM LLC increased its stake in shares of Avient by 21.5% in the 3rd quarter. CWM LLC now owns 1,637 shares of the company's stock valued at $82,000 after purchasing an additional 290 shares during the last quarter. Institutional investors own 95.48% of the company's stock.
Several brokerages have recently issued reports on AVNT. Wells Fargo & Company lifted their price target on Avient from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded Avient from a "hold" rating to a "buy" rating and lifted their price target for the company from $49.00 to $52.00 in a research note on Wednesday, August 7th. Oppenheimer lifted their price target on Avient from $53.00 to $58.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Finally, Seaport Res Ptn lowered Avient from a "strong-buy" rating to a "hold" rating in a research report on Friday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Avient has a consensus rating of "Moderate Buy" and an average target price of $54.50.
View Our Latest Research Report on Avient
AVNT stock traded down $0.93 during midday trading on Friday, reaching $50.35. 553,829 shares of the stock were exchanged, compared to its average volume of 456,986. The stock has a market capitalization of $4.59 billion, a PE ratio of 43.78, a P/E/G ratio of 1.21 and a beta of 1.47. Avient Co. has a 52 week low of $27.73 and a 52 week high of $51.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73. The company has a fifty day moving average price of $47.96 and a 200 day moving average price of $45.31.
Avient (NYSE:AVNT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. The firm had revenue of $850.00 million for the quarter, compared to the consensus estimate of $841.40 million. Avient had a return on equity of 10.34% and a net margin of 3.70%. The business's quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 EPS. As a group, analysts expect that Avient Co. will post 2.65 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. 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 annualized dividend and a yield of 2.14%. Avient's payout ratio is presently 93.91%.
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.
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