Nuveen LLC Takes Position in Avient Corporation $AVNT

Key Points

• Nuveen LLC has made a significant investment of $50.47 million in Avient Corporation by acquiring 1,358,208 shares, representing approximately 1.48% of the company's stock.
• Analysts have mixed views on Avient, with some lowering their price targets; Robert W. Baird reduced it from $43.00 to $37.00, while Wells Fargo increased theirs from $39.00 to $42.00, indicating a generally cautious outlook.
• Avient recently announced a quarterly dividend of $0.27 per share, which translates to an annualized yield of 3.0% and reflects a payout ratio of 84.38%.

Nuveen LLC purchased a new position in shares of Avient Corporation (NYSE:AVNT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,358,208 shares of the company's stock, valued at approximately $50,471,000. Nuveen LLC owned 1.48% of Avient at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Covestor Ltd increased its holdings in Avient by 77.3% during the 1st quarter. Covestor Ltd now owns 2,636 shares of the company's stock worth $98,000 after purchasing an additional 1,149 shares during the period. Intrust Bank NA increased its holdings in Avient by 5.2% during the 1st quarter. Intrust Bank NA now owns 9,162 shares of the company's stock worth $340,000 after purchasing an additional 456 shares during the period. Westwood Holdings Group Inc. increased its holdings in Avient by 18.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 40,801 shares of the company's stock worth $1,516,000 after purchasing an additional 6,321 shares during the period. New Age Alpha Advisors LLC increased its holdings in Avient by 31.4% during the 1st quarter. New Age Alpha Advisors LLC now owns 82,734 shares of the company's stock worth $3,074,000 after purchasing an additional 19,769 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new stake in Avient during the 1st quarter worth about $338,000. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

Avient Stock Performance

NYSE:AVNT traded up $0.32 during mid-day trading on Monday, reaching $35.77. 234,463 shares of the stock were exchanged, compared to its average volume of 684,331. The company has a 50 day simple moving average of $33.95 and a 200-day simple moving average of $36.33. The stock has a market capitalization of $3.27 billion, a P/E ratio of 27.93, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 1.50, a current ratio of 2.03 and a debt-to-equity ratio of 0.85. Avient Corporation has a 1 year low of $27.86 and a 1 year high of $54.68.

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

Avient Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Friday, September 12th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.08 annualized dividend and a dividend yield of 3.0%. Avient's dividend payout ratio (DPR) is currently 84.38%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AVNT shares. Robert W. Baird dropped their price objective on Avient from $43.00 to $37.00 and set a "neutral" rating on the stock in a report on Monday, August 4th. Morgan Stanley dropped their price target on shares of 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 increased 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 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $45.60.

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.