New York State Teachers Retirement System grew its stake in Avient Co. (NYSE:AVNT – Get Rating) by 4.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,504 shares of the company’s stock after purchasing an additional 6,859 shares during the period. New York State Teachers Retirement System’s holdings in Avient were worth $4,803,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC acquired a new position in shares of Avient in the second quarter valued at approximately $25,000. Arcadia Investment Management Corp MI acquired a new position in shares of Avient in the second quarter valued at approximately $25,000. Lazard Asset Management LLC increased its holdings in shares of Avient by 104.2% in the second quarter. Lazard Asset Management LLC now owns 686 shares of the company’s stock valued at $27,000 after purchasing an additional 350 shares during the period. Wipfli Financial Advisors LLC acquired a new position in shares of Avient in the third quarter valued at approximately $26,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of Avient by 565.9% in the second quarter. First Horizon Advisors Inc. now owns 1,172 shares of the company’s stock valued at $46,000 after purchasing an additional 996 shares during the period. Institutional investors and hedge funds own 93.81% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the company. Robert W. Baird upped their price objective on Avient from $35.00 to $44.00 in a report on Tuesday, December 20th. Deutsche Bank Aktiengesellschaft dropped their price objective on Avient from $40.00 to $35.00 in a report on Thursday, November 3rd. Wells Fargo & Company upped their price objective on Avient from $33.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday, January 9th. Citigroup upped their price objective on Avient from $32.00 to $41.00 and gave the stock a “buy” rating in a report on Thursday, December 15th. Finally, Oppenheimer lowered Avient from an “outperform” rating to a “market perform” rating in a report on Wednesday, September 28th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.14.
Avient Stock Performance
Avient (NYSE:AVNT – Get Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.02). The firm had revenue of $823.30 million for the quarter, compared to analyst estimates of $850.82 million. Avient had a return on equity of 16.11% and a net margin of 4.08%. The business’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. On average, research analysts predict that Avient Co. will post 2.9 earnings per share for the current year.
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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