Allspring Global Investments Holdings LLC Purchases 27,608 Shares of Avient Corporation (NYSE:AVNT)

Allspring Global Investments Holdings LLC grew its position in Avient Corporation (NYSE:AVNT - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,513,732 shares of the company's stock after purchasing an additional 27,608 shares during the period. Allspring Global Investments Holdings LLC owned about 3.84% of Avient worth $129,586,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in shares of Avient by 56.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Avient by 4.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 6,599 shares of the company's stock worth $270,000 after buying an additional 256 shares during the last quarter. Diversified Trust Co raised its position in Avient by 2.5% in the first quarter. Diversified Trust Co now owns 14,007 shares of the company's stock worth $520,000 after acquiring an additional 336 shares during the period. Blue Trust Inc. raised its position in Avient by 20.1% in the first quarter. Blue Trust Inc. now owns 2,645 shares of the company's stock worth $98,000 after acquiring an additional 443 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Avient by 57.5% in the first quarter. GAMMA Investing LLC now owns 1,422 shares of the company's stock valued at $53,000 after acquiring an additional 519 shares during the last quarter. Hedge funds and other institutional investors own 95.48% of the company's stock.

Avient Stock Performance

NYSE:AVNT traded down $0.15 on Friday, reaching $32.90. 2,024,916 shares of the company's stock were exchanged, compared to its average volume of 571,201. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.05 and a quick ratio of 1.51. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 30.74, a P/E/G ratio of 1.02 and a beta of 1.38. Avient Corporation has a 52 week low of $27.86 and a 52 week high of $54.68. The stock has a fifty day simple moving average of $35.34 and a 200-day simple moving average of $38.36.

Avient (NYSE:AVNT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.01. The firm had revenue of $826.60 million during the quarter, compared to analyst estimates of $834.90 million. Avient had a net margin of 3.09% and a return on equity of 10.48%. The company's quarterly revenue was down .3% on a year-over-year basis. During the same quarter last year, the business earned $0.76 earnings per share. As a group, sell-side analysts predict that Avient Corporation will post 2.85 earnings per share for the current year.

Avient Announces Dividend

The firm 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 dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $1.08 dividend on an annualized basis and a yield of 3.28%. Avient's dividend payout ratio is presently 100.93%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AVNT shares. Robert W. Baird assumed coverage on shares of Avient in a research note on Friday, March 14th. They set a "neutral" rating and a $43.00 price target for the company. Baird R W raised Avient to a "hold" rating in a research report on Friday, March 14th. Morgan Stanley lowered their target price on Avient from $51.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Finally, Wells Fargo & Company boosted their target price on Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Three research 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.