Bank of New York Mellon Corp Has $36.01 Million Position in Avient Corporation (NYSE:AVNT)

Bank of New York Mellon Corp grew its holdings in Avient Corporation (NYSE:AVNT - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 969,159 shares of the company's stock after buying an additional 15,737 shares during the period. Bank of New York Mellon Corp owned 1.06% of Avient worth $36,014,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVNT. Raymond James Financial Inc. acquired a new stake in Avient during the 4th quarter valued at $8,344,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Avient by 23.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,265 shares of the company's stock valued at $1,073,000 after purchasing an additional 5,041 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Avient by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 11,806 shares of the company's stock valued at $482,000 after purchasing an additional 1,085 shares during the last quarter. Swiss National Bank increased its stake in shares of Avient by 0.8% during the fourth quarter. Swiss National Bank now owns 179,600 shares of the company's stock worth $7,338,000 after purchasing an additional 1,400 shares during the period. Finally, Natixis Advisors LLC lifted its holdings in Avient by 4.0% during the 4th quarter. Natixis Advisors LLC now owns 55,775 shares of the company's stock worth $2,279,000 after purchasing an additional 2,160 shares during the last quarter. 95.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AVNT shares. Morgan Stanley lowered their price objective on Avient from $51.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. Wells Fargo & Company upped their price target 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 equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $46.80.

Avient Price Performance

Shares of NYSE AVNT traded down $0.55 during mid-day trading on Tuesday, reaching $33.04. The company had a trading volume of 554,220 shares, compared to its average volume of 586,899. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 30.88, a PEG ratio of 1.07 and a beta of 1.33. The business's 50-day simple moving average is $35.53 and its 200 day simple moving average is $37.66. Avient Corporation has a one year low of $27.86 and a one year high of $54.68. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.51 and a current ratio of 2.05.

Avient (NYSE:AVNT - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.75 by $0.01. Avient had a net margin of 3.09% and a return on equity of 10.48%. The firm had revenue of $826.60 million for the quarter, compared to analyst estimates of $834.90 million. During the same period last year, the firm earned $0.76 EPS. The business's quarterly revenue was down .3% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Friday, September 12th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.27%. The ex-dividend date is Friday, September 12th. 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.