New Age Alpha Advisors LLC Buys 19,769 Shares of Avient Corporation (NYSE:AVNT)

Key Points

• New Age Alpha Advisors LLC increased its stake in Avient Corporation by 31.4% during Q1, owning approximately 0.09% of the company worth $3,074,000 after buying 19,769 shares.
• Several institutional investors have also boosted their positions significantly, with Ameriprise Financial and Point72 Asset Management increasing their stakes by 200.7% and 250.5% respectively during the last quarter.
• Avient plans to pay a quarterly dividend of $0.27 on October 8th, reflecting an annualized dividend yield of 3.3% and a payout ratio of 84.38%.

New Age Alpha Advisors LLC grew its stake in Avient Corporation (NYSE:AVNT - Free Report) by 31.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,734 shares of the company's stock after purchasing an additional 19,769 shares during the period. New Age Alpha Advisors LLC owned about 0.09% of Avient worth $3,074,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its position in shares of Avient by 200.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,321,791 shares of the company's stock valued at $54,012,000 after acquiring an additional 882,234 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Avient by 250.5% during the 4th quarter. Point72 Asset Management L.P. now owns 532,610 shares of the company's stock valued at $21,762,000 after acquiring an additional 380,657 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Avient by 20.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,209,305 shares of the company's stock valued at $44,938,000 after acquiring an additional 204,554 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Avient during the 4th quarter valued at about $8,344,000. Finally, Nuveen Asset Management LLC boosted its position in shares of Avient by 14.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,332,275 shares of the company's stock valued at $54,437,000 after acquiring an additional 165,322 shares in the last quarter. 95.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on AVNT shares. Robert W. Baird decreased their target price on shares of Avient from $43.00 to $37.00 and set a "neutral" rating on the stock in a research report on Monday, August 4th. Morgan Stanley decreased their target price on shares of Avient from $51.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. Finally, Wells Fargo & Company lifted their target price on shares of Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $45.60.

Avient Price Performance

NYSE:AVNT traded down $0.35 on Friday, reaching $32.84. The stock had a trading volume of 630,225 shares, compared to its average volume of 831,276. The company has a market capitalization of $3.01 billion, a P/E ratio of 25.65, a price-to-earnings-growth ratio of 1.10 and a beta of 1.38. Avient Corporation has a 1-year low of $27.86 and a 1-year high of $54.68. The company has a quick ratio of 1.50, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. The stock has a fifty day moving average price of $34.10 and a 200-day moving average price of $36.70.

Avient (NYSE:AVNT - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. The firm had revenue of $866.50 million for the quarter, compared to analyst estimates of $852.98 million. Avient had a net margin of 3.65% and a return on equity of 10.57%. The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 earnings per share. Research analysts forecast that Avient Corporation will post 2.85 EPS for the current year.

Avient Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Friday, September 12th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.3%. Avient's payout ratio is currently 84.38%.

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.