Point72 Asset Management L.P. Has $21.76 Million Stock Holdings in Avient Co. (NYSE:AVNT)

Point72 Asset Management L.P. lifted its position in shares of Avient Co. (NYSE:AVNT - Free Report) by 250.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 532,610 shares of the company's stock after purchasing an additional 380,657 shares during the quarter. Point72 Asset Management L.P. owned about 0.58% of Avient worth $21,762,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of AVNT. Raymond James Financial Inc. acquired a new stake in Avient in the fourth quarter valued at $8,344,000. Xponance Inc. grew its stake in Avient by 5.3% in the fourth quarter. Xponance Inc. now owns 12,942 shares of the company's stock worth $529,000 after purchasing an additional 656 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in Avient by 3.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 42,076 shares of the company's stock valued at $1,719,000 after buying an additional 1,295 shares during the last quarter. Wells Fargo & Company MN raised its stake in Avient by 2.4% during the fourth quarter. Wells Fargo & Company MN now owns 276,810 shares of the company's stock valued at $11,310,000 after buying an additional 6,609 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Avient by 120.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company's stock worth $59,675,000 after buying an additional 797,112 shares during the last quarter. Hedge funds and other institutional investors own 95.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Seaport Res Ptn upgraded Avient from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Baird R W raised shares of Avient to a "hold" rating in a research note on Friday, March 14th. Robert W. Baird began coverage on shares of Avient in a research note 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. Finally, Wells Fargo & Company lifted their price objective on shares of Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.80.

Avient Stock Performance

Avient stock traded down $1.31 on Wednesday, reaching $36.02. 386,882 shares of the stock were exchanged, compared to its average volume of 550,538. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.88. The firm has a fifty day moving average price of $35.13 and a two-hundred day moving average price of $41.34. The stock has a market cap of $3.30 billion, a PE ratio of 19.68, a PEG ratio of 1.25 and a beta of 1.38. Avient Co. has a twelve month low of $27.86 and a twelve month 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 the consensus estimate of $0.75 by $0.01. The business had revenue of $826.60 million during the quarter, compared to analysts' expectations of $834.90 million. Avient had a net margin of 5.23% and a return on equity of 10.44%. The firm's revenue was down .3% on a year-over-year basis. During the same quarter last year, the company earned $0.76 earnings per share. Sell-side analysts anticipate that Avient Co. will post 2.85 EPS for the current year.

Avient Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Friday, June 20th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, June 20th. This represents a $1.08 dividend on an annualized basis and a yield of 3.00%. Avient's dividend payout ratio (DPR) is presently 100.93%.

Avient Company 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.