Avient Co. (NYSE:AVNT) Shares Purchased by Comerica Bank

Comerica Bank lifted its stake in Avient Co. (NYSE:AVNT – Get Rating) by 77.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,159 shares of the company’s stock after purchasing an additional 32,463 shares during the quarter. Comerica Bank’s holdings in Avient were worth $2,446,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arcadia Investment Management Corp MI acquired a new stake in Avient during the second quarter worth $25,000. EverSource Wealth Advisors LLC purchased a new position in Avient in the second quarter valued at $25,000. Wipfli Financial Advisors LLC purchased a new position in Avient in the third quarter valued at $26,000. Lazard Asset Management LLC boosted its holdings in 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. Finally, First Horizon Advisors Inc. lifted its holdings in Avient by 565.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,172 shares of the company’s stock worth $46,000 after buying an additional 996 shares during the last quarter. Institutional investors and hedge funds own 93.81% of the company’s stock.

Avient Stock Performance

Shares of AVNT stock opened at $37.86 on Thursday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.99 and a current ratio of 1.28. Avient Co. has a one year low of $27.65 and a one year high of $55.44. The company’s 50-day simple moving average is $34.57 and its 200-day simple moving average is $37.18. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 18.56 and a beta of 1.49.

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). Avient had a net margin of 4.08% and a return on equity of 16.11%. The firm had revenue of $823.30 million during the quarter, compared to analyst estimates of $850.82 million. During the same quarter in the previous year, the business posted $0.70 EPS. Avient’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts anticipate that Avient Co. will post 2.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVNT. Oppenheimer downgraded Avient from an “outperform” rating to a “market perform” rating in a report on Wednesday, September 28th. Deutsche Bank Aktiengesellschaft dropped their price target on Avient from $40.00 to $35.00 in a research report on Thursday, November 3rd. TheStreet cut Avient from a “b-” rating to a “c+” rating in a research report on Monday, October 24th. Morgan Stanley dropped their target price on 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, Citigroup boosted their price target on Avient from $32.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, December 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Avient has a consensus rating of “Moderate Buy” and an average price target of $45.14.

About Avient

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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.