Bank of America Corp DE Sells 92,576 Shares of Avient Co. (NYSE:AVNT)

Bank of America Corp DE lessened its holdings in Avient Co. (NYSE:AVNT - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 979,843 shares of the company's stock after selling 92,576 shares during the quarter. Bank of America Corp DE owned 1.07% of Avient worth $40,036,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Avient in the fourth quarter valued at approximately $50,548,000. Ameriprise Financial Inc. lifted its stake in shares of Avient by 200.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,321,791 shares of the company's stock valued at $54,012,000 after purchasing an additional 882,234 shares during the period. Victory Capital Management Inc. lifted its stake in Avient by 120.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company's stock valued at $59,675,000 after buying an additional 797,112 shares during the period. Franklin Resources Inc. grew its holdings in Avient by 9.5% in the fourth quarter. Franklin Resources Inc. now owns 3,185,999 shares of the company's stock worth $130,180,000 after purchasing an additional 276,357 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Avient during the 4th quarter worth about $8,344,000. Institutional investors and hedge funds own 95.48% of the company's stock.

Avient Stock Performance

Shares of NYSE AVNT traded down $0.35 during mid-day trading on Monday, reaching $37.43. 292,830 shares of the company's stock were exchanged, compared to its average volume of 550,266. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 20.45, a price-to-earnings-growth ratio of 1.25 and a beta of 1.38. The firm has a 50-day moving average price of $35.23 and a two-hundred day moving average price of $41.43. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42. Avient Co. has a 52 week low of $27.86 and a 52 week high of $54.68.

Avient (NYSE:AVNT - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.01. Avient had a net margin of 5.23% and a return on equity of 10.44%. The firm had revenue of $826.60 million for the quarter, compared to analysts' expectations of $834.90 million. During the same period in the previous year, the company earned $0.76 earnings per share. The company's quarterly revenue was down .3% on a year-over-year basis. Analysts predict that Avient Co. will post 2.85 EPS for the current year.

Avient Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Friday, June 20th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Friday, June 20th. Avient's dividend payout ratio is currently 100.93%.

Analysts Set New Price Targets

AVNT has been the subject of a number of recent research reports. Baird R W upgraded shares of Avient to a "hold" rating in a research note on Friday, March 14th. Robert W. Baird assumed coverage on shares of Avient in a research report on Friday, March 14th. They issued a "neutral" rating and a $43.00 price target on the stock. Morgan Stanley decreased their price objective on Avient from $51.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Seaport Res Ptn upgraded Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company upped their price target on Avient from $39.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Avient presently has an average rating of "Moderate Buy" and a consensus target price of $46.80.

About Avient

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.