Avient Co. (NYSE:AVNT) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC grew its holdings in Avient Co. (NYSE:AVNT - Free Report) by 53.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,824 shares of the company's stock after buying an additional 14,172 shares during the period. Lazard Asset Management LLC's holdings in Avient were worth $1,667,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Luminus Management LLC acquired a new stake in Avient in the 4th quarter valued at about $1,892,000. Gotham Asset Management LLC grew its position in shares of Avient by 51.3% in the fourth quarter. Gotham Asset Management LLC now owns 55,703 shares of the company's stock valued at $2,276,000 after purchasing an additional 18,877 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of Avient by 23.9% in the fourth quarter. Ensign Peak Advisors Inc now owns 48,687 shares of the company's stock valued at $1,989,000 after purchasing an additional 9,401 shares during the last quarter. Ethic Inc. lifted its position in Avient by 177.6% during the fourth quarter. Ethic Inc. now owns 26,503 shares of the company's stock worth $1,083,000 after buying an additional 16,956 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in Avient during the fourth quarter worth approximately $3,421,000. 95.48% of the stock is owned by hedge funds and other institutional investors.

Avient Trading Up 0.3%

Shares of NYSE:AVNT traded up $0.11 during midday trading on Thursday, reaching $36.13. 421,591 shares of the company's stock were exchanged, compared to its average volume of 550,025. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 1.25 and a beta of 1.38. Avient Co. has a fifty-two week low of $27.86 and a fifty-two week high of $54.68. The firm's 50 day simple moving average is $35.04 and its two-hundred day simple moving average is $41.31. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42.

Avient (NYSE:AVNT - Get Free Report) last announced its quarterly 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. Avient had a net margin of 5.23% and a return on equity of 10.44%. The business had revenue of $826.60 million during the quarter, compared to analysts' expectations of $834.90 million. During the same period last year, the business earned $0.76 earnings per share. The business's revenue for the quarter was down .3% on a year-over-year basis. As a group, sell-side analysts forecast that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Friday, June 20th. Avient's dividend payout ratio (DPR) is 100.93%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Seaport Res Ptn raised shares of Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Morgan Stanley cut their price objective on shares of Avient from $51.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Avient from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, Baird R W raised shares of 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $46.80.

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.