Comerica Bank Has $6.34 Million Position in Avient Co. (NYSE:AVNT)

Comerica Bank reduced its position in shares of Avient Co. (NYSE:AVNT - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 155,233 shares of the company's stock after selling 10,392 shares during the period. Comerica Bank owned approximately 0.17% of Avient worth $6,343,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVNT. Smartleaf Asset Management LLC raised its position in shares of Avient by 56.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock worth $28,000 after purchasing an additional 250 shares during the period. Headlands Technologies LLC purchased a new stake in Avient during the fourth quarter valued at about $90,000. Venturi Wealth Management LLC purchased a new position in shares of Avient in the fourth quarter worth approximately $96,000. KBC Group NV raised its holdings in shares of Avient by 47.2% during the fourth quarter. KBC Group NV now owns 4,090 shares of the company's stock valued at $167,000 after acquiring an additional 1,312 shares during the period. Finally, Trust Point Inc. boosted its stake in Avient by 23.6% in the 4th quarter. Trust Point Inc. now owns 5,164 shares of the company's stock worth $211,000 after purchasing an additional 985 shares during the period. 95.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AVNT has been the subject of several recent analyst reports. Baird R W raised Avient to a "hold" rating in a research report on Friday, March 14th. Wells Fargo & Company upped their target price on Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday. Seaport Res Ptn upgraded shares of Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Avient from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, 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 target price for the company. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Avient has an average rating of "Moderate Buy" and an average price target of $48.25.

Avient Stock Down 1.4 %

Shares of NYSE AVNT traded down $0.53 during trading hours on Friday, hitting $36.80. The stock had a trading volume of 483,698 shares, compared to its average volume of 548,170. The firm's 50-day moving average price is $35.54 and its two-hundred day moving average price is $41.82. Avient Co. has a 52 week low of $27.86 and a 52 week high of $54.68. The company has a market capitalization of $3.37 billion, a P/E ratio of 20.11, a P/E/G ratio of 1.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.42 and a current ratio of 1.88.

Avient (NYSE:AVNT - Get Free Report) last released its quarterly 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. The business had revenue of $826.60 million for the quarter, compared to the consensus estimate of $834.90 million. Avient had a net margin of 5.23% and a return on equity of 10.44%. Avient's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 EPS. Analysts anticipate that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Tuesday, March 18th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Tuesday, March 18th. Avient's payout ratio is 100.93%.

Avient Profile

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.