Principal Financial Group Inc. Has $14.52 Million Stock Position in Avient Co. (NYSE:AVNT)

Principal Financial Group Inc. grew its position in Avient Co. (NYSE:AVNTGet Rating) by 2.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 362,170 shares of the company’s stock after buying an additional 7,835 shares during the period. Principal Financial Group Inc.’s holdings in Avient were worth $14,516,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in Avient in the 2nd quarter worth $25,000. Arcadia Investment Management Corp MI acquired a new position in Avient in the 2nd quarter worth $25,000. Lazard Asset Management LLC boosted its stake in Avient by 104.2% in the 2nd quarter. Lazard Asset Management LLC now owns 686 shares of the company’s stock worth $27,000 after purchasing an additional 350 shares during the period. First Horizon Advisors Inc. boosted its stake in Avient by 565.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,172 shares of the company’s stock worth $46,000 after purchasing an additional 996 shares during the period. Finally, Covestor Ltd boosted its stake in Avient by 123.1% in the 1st quarter. Covestor Ltd now owns 1,187 shares of the company’s stock worth $57,000 after purchasing an additional 655 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AVNT shares. Citigroup reduced their target price on shares of Avient from $50.00 to $40.00 in a research note on Tuesday, October 4th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Avient from $40.00 to $35.00 in a research note on Thursday, November 3rd. TheStreet cut shares of Avient from a “b-” rating to a “c+” rating in a research report on Monday, October 24th. Morgan Stanley cut their price target on shares of Avient from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Monday, November 7th. Finally, Oppenheimer cut shares of Avient from an “outperform” rating to a “market perform” rating in a research report on Wednesday, September 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.57.

Avient Stock Up 1.8 %

Shares of AVNT stock opened at $33.90 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.99 and a current ratio of 1.28. The firm’s 50-day moving average is $32.57 and its 200-day moving average is $40.19. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 16.62 and a beta of 1.54. Avient Co. has a 52-week low of $27.65 and a 52-week high of $60.10.

Avient (NYSE:AVNTGet Rating) last issued its earnings results on Wednesday, November 2nd. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). The firm had revenue of $823.30 million during the quarter, compared to the consensus estimate of $850.82 million. Avient had a net margin of 4.08% and a return on equity of 16.11%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. Sell-side analysts predict that Avient Co. will post 2.92 EPS for the current year.

Avient Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Friday, December 16th will be issued a $0.2475 dividend. This represents a $0.99 dividend on an annualized basis and a dividend yield of 2.92%. This is a boost from Avient’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 15th. Avient’s dividend payout ratio is presently 46.57%.

Avient Company Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for Avient (NYSE:AVNT)

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