Avient Corporation (NYSE:AVNT) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in Avient Corporation (NYSE:AVNT - Free Report) by 5,751.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,842 shares of the company's stock after buying an additional 51,939 shares during the quarter. GAMMA Investing LLC owned approximately 0.06% of Avient worth $1,964,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Avient in the fourth quarter worth $50,548,000. Ameriprise Financial Inc. increased its position in Avient by 200.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,321,791 shares of the company's stock worth $54,012,000 after purchasing an additional 882,234 shares in the last quarter. Victory Capital Management Inc. raised its stake in Avient by 120.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company's stock valued at $59,675,000 after purchasing an additional 797,112 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Avient by 250.5% in the 4th quarter. Point72 Asset Management L.P. now owns 532,610 shares of the company's stock valued at $21,762,000 after purchasing an additional 380,657 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Avient by 9.5% in the 4th quarter. Franklin Resources Inc. now owns 3,185,999 shares of the company's stock valued at $130,180,000 after purchasing an additional 276,357 shares in the last quarter. Institutional investors and hedge funds own 95.48% of the company's stock.

Avient Trading Down 2.6%

Shares of AVNT traded down $0.90 during mid-day trading on Tuesday, reaching $34.03. The company had a trading volume of 571,391 shares, compared to its average volume of 564,399. Avient Corporation has a fifty-two week low of $27.86 and a fifty-two week high of $54.68. The firm has a fifty day simple moving average of $35.00 and a 200-day simple moving average of $39.29. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 31.80, a price-to-earnings-growth ratio of 1.08 and a beta of 1.38. The company has a current ratio of 2.05, a quick ratio of 1.51 and a debt-to-equity ratio of 0.89.

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, beating analysts' consensus estimates of $0.75 by $0.01. The firm had revenue of $826.60 million for the quarter, compared to analysts' expectations of $834.90 million. Avient had a return on equity of 10.48% and a net margin of 3.09%. The firm's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 earnings per share. On average, sell-side analysts anticipate that Avient Corporation will post 2.85 EPS for the current fiscal year.

Avient Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Friday, June 20th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, June 20th. Avient's payout ratio is currently 100.93%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Avient from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. Robert W. Baird initiated coverage on Avient in a report on Friday, March 14th. They issued a "neutral" rating and a $43.00 price target for the company. Morgan Stanley reduced their price target 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. Wells Fargo & Company lifted their price objective on Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Baird R W upgraded Avient to a "hold" rating in a research note on Friday, March 14th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $46.80.

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.