Shell Asset Management Co. lowered its stake in Avient Co. (NYSE:AVNT – Get Rating) by 12.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,478 shares of the company’s stock after selling 1,994 shares during the quarter. Shell Asset Management Co.’s holdings in Avient were worth $647,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Mutual of America Capital Management LLC lifted its holdings in Avient by 0.6% in the first quarter. Mutual of America Capital Management LLC now owns 180,224 shares of the company’s stock worth $8,651,000 after purchasing an additional 1,011 shares during the period. Sheets Smith Investment Management lifted its holdings in Avient by 1.2% in the first quarter. Sheets Smith Investment Management now owns 25,042 shares of the company’s stock worth $1,202,000 after purchasing an additional 293 shares during the period. Park Avenue Securities LLC lifted its holdings in Avient by 13.7% in the first quarter. Park Avenue Securities LLC now owns 4,509 shares of the company’s stock worth $216,000 after purchasing an additional 544 shares during the period. Emerald Advisers LLC lifted its holdings in Avient by 8.4% in the 1st quarter. Emerald Advisers LLC now owns 786,770 shares of the company’s stock valued at $37,765,000 after acquiring an additional 61,198 shares during the last quarter. Finally, Comerica Bank lifted its holdings in Avient by 5.8% in the 1st quarter. Comerica Bank now owns 43,156 shares of the company’s stock valued at $2,320,000 after acquiring an additional 2,363 shares during the last quarter. Institutional investors and hedge funds own 94.62% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on AVNT shares. Robert W. Baird cut their price target on shares of Avient from $63.00 to $56.00 and set a “maintains” rating for the company in a report on Wednesday, July 27th. Morgan Stanley reissued a “maintains” rating and issued a $50.00 price target (down from $63.00) on shares of Avient in a report on Thursday, July 28th. Jefferies Financial Group cut their price target on shares of Avient from $67.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, June 28th. Stifel Nicolaus cut their price target on shares of Avient from $76.00 to $70.00 in a report on Wednesday, July 27th. Finally, Wells Fargo & Company cut their price objective on Avient from $65.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th.
Avient Price Performance
Avient (NYSE:AVNT – Get Rating) last issued its earnings results on Tuesday, July 26th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.31 billion. Avient had a return on equity of 16.57% and a net margin of 5.01%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. On average, analysts predict that Avient Co. will post 3.5 EPS for the current year.
Avient Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Friday, September 16th will be issued a $0.237 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.95 dividend on an annualized basis and a dividend yield of 2.21%. Avient’s dividend payout ratio is 34.93%.
Avient Company Profile
Avient Corporation provides specialized formulator, services, and sustainable material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates through three segments: Color, Additives and Inks; Specialty Engineered Materials; and Distribution. The Color, Additives and Inks segment offers specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks.
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