Norges Bank Makes New Investment in Avient Co. (NYSE:AVNT)

Norges Bank bought a new position in shares of Avient Co. (NYSE:AVNTFree Report) during the 4th quarter, Holdings Channel.com reports. The firm bought 977,338 shares of the company’s stock, valued at approximately $40,628,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Avient by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 10,334,501 shares of the company’s stock worth $365,015,000 after buying an additional 176,273 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Avient by 12.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,438,391 shares of the company’s stock worth $142,937,000 after buying an additional 384,452 shares during the period. Channing Capital Management LLC lifted its holdings in Avient by 6.7% during the 4th quarter. Channing Capital Management LLC now owns 2,099,894 shares of the company’s stock worth $87,293,000 after buying an additional 131,406 shares during the period. American Century Companies Inc. lifted its holdings in Avient by 14.1% during the 3rd quarter. American Century Companies Inc. now owns 1,819,796 shares of the company’s stock worth $64,275,000 after buying an additional 224,810 shares during the period. Finally, Jennison Associates LLC lifted its stake in shares of Avient by 15.8% in the 4th quarter. Jennison Associates LLC now owns 1,580,867 shares of the company’s stock valued at $65,717,000 after purchasing an additional 215,709 shares during the period. 95.48% of the stock is owned by institutional investors and hedge funds.

Avient Stock Performance

AVNT stock opened at $44.20 on Friday. The firm has a market cap of $4.03 billion, a PE ratio of 38.44, a P/E/G ratio of 0.96 and a beta of 1.53. The company has a quick ratio of 1.42, a current ratio of 1.90 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average of $43.62 and a 200-day moving average of $39.99. Avient Co. has a 12-month low of $27.73 and a 12-month high of $47.87.

Avient (NYSE:AVNTGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.69 by $0.07. Avient had a return on equity of 9.79% and a net margin of 3.37%. The business had revenue of $829.00 million for the quarter, compared to the consensus estimate of $818.45 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. Avient’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, sell-side analysts expect that Avient Co. will post 2.61 earnings per share for the current year.

Avient Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Friday, June 21st will be paid a dividend of $0.257 per share. This represents a $1.03 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, June 21st. Avient’s dividend payout ratio is 89.57%.

Analyst Upgrades and Downgrades

AVNT has been the topic of a number of recent analyst reports. Oppenheimer boosted their price objective on Avient from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus boosted their price objective on Avient from $49.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company boosted their price objective on Avient from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.20.

Check Out Our Latest Stock Report on AVNT

Avient Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Avient (NYSE:AVNT)

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