AQR Capital Management LLC Sells 46,349 Shares of Avient Corporation $AVNT

Key Points

• AQR Capital Management LLC has reduced its stake in Avient Corporation by 21.5% to 168,803 shares after selling 46,349 shares in the first quarter of 2023.
• Avient Corporation reported $0.80 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.78, and projected 2.85 EPS for the fiscal year.
• The company has announced a quarterly dividend of $0.27 per share, with a current yield of 3.0% and a payout ratio of 84.38%.

AQR Capital Management LLC reduced its holdings in shares of Avient Corporation (NYSE:AVNT - Free Report) by 21.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 168,803 shares of the company's stock after selling 46,349 shares during the quarter. AQR Capital Management LLC owned approximately 0.18% of Avient worth $6,144,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Federation des caisses Desjardins du Quebec grew its stake in shares of Avient by 17.8% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 40,610 shares of the company's stock worth $1,509,000 after acquiring an additional 6,150 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Avient by 1.0% during the 1st quarter. Royal Bank of Canada now owns 128,730 shares of the company's stock worth $4,782,000 after acquiring an additional 1,321 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Avient by 12.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,057,479 shares of the company's stock worth $39,296,000 after acquiring an additional 117,878 shares in the last quarter. Trexquant Investment LP grew its stake in shares of Avient by 543.0% during the 1st quarter. Trexquant Investment LP now owns 128,926 shares of the company's stock worth $4,791,000 after acquiring an additional 108,874 shares in the last quarter. Finally, Delta Investment Management LLC bought a new position in shares of Avient during the 1st quarter worth approximately $523,000. 95.48% of the stock is owned by institutional investors.

Avient Trading Down 3.7%

Shares of Avient stock opened at $36.20 on Friday. Avient Corporation has a 12-month low of $27.86 and a 12-month high of $54.68. The stock has a market cap of $3.31 billion, a P/E ratio of 28.28, a P/E/G ratio of 1.30 and a beta of 1.40. The company has a quick ratio of 1.50, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. The business's 50 day moving average is $34.96 and its 200-day moving average is $35.59.

Avient (NYSE:AVNT - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.02. Avient had a return on equity of 10.57% and a net margin of 3.65%.The company had revenue of $866.50 million for the quarter, compared to analysts' expectations of $852.98 million. During the same quarter in the prior year, the business posted $0.76 EPS. The business's revenue was up 1.9% compared to the same quarter last year. Avient has set its Q3 2025 guidance at 0.700-0.700 EPS. FY 2025 guidance at 2.770-2.870 EPS. Equities research analysts predict that Avient Corporation will post 2.85 earnings per share for the current fiscal year.

Avient Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Friday, September 12th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.0%. Avient's payout ratio is presently 84.38%.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird decreased their price target on shares of Avient from $43.00 to $37.00 and set a "neutral" rating for the company in a research note on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $45.60.

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.

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