Twinbeech Capital LP Purchases Shares of 156,342 Avient Co. (NYSE:AVNT)

Twinbeech Capital LP bought a new position in shares of Avient Co. (NYSE:AVNT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 156,342 shares of the company's stock, valued at approximately $6,388,000. Twinbeech Capital LP owned 0.17% of Avient at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in shares of Avient by 56.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the period. Headlands Technologies LLC bought a new stake in shares of Avient in the 4th quarter worth $90,000. Venturi Wealth Management LLC bought a new stake in shares of Avient in the 4th quarter worth $96,000. KBC Group NV grew its stake in shares of Avient by 47.2% in the 4th quarter. KBC Group NV now owns 4,090 shares of the company's stock worth $167,000 after acquiring an additional 1,312 shares in the last quarter. Finally, Trust Point Inc. boosted its holdings in shares of Avient by 23.6% in the 4th quarter. Trust Point Inc. now owns 5,164 shares of the company's stock worth $211,000 after buying an additional 985 shares during the last quarter. 95.48% of the stock is currently owned by institutional investors and hedge funds.

Avient Price Performance

Shares of Avient stock traded down $0.20 on Friday, reaching $35.94. The stock had a trading volume of 408,238 shares, compared to its average volume of 552,587. Avient Co. has a 1 year low of $27.86 and a 1 year high of $54.68. The company has a market cap of $3.29 billion, a P/E ratio of 19.64, a price-to-earnings-growth ratio of 1.25 and a beta of 1.38. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.88. The business's 50 day moving average is $34.86 and its two-hundred day moving average is $41.08.

Avient (NYSE:AVNT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.01. The company had revenue of $826.60 million for the quarter, compared to analysts' expectations of $834.90 million. Avient had a net margin of 5.23% and a return on equity of 10.44%. Avient's revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 earnings per share. As a group, research analysts anticipate that Avient Co. will post 2.85 EPS for the current year.

Avient Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 9th. Investors 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 3.01%. The ex-dividend date of this dividend is Friday, June 20th. Avient's dividend payout ratio (DPR) is 100.93%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. 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 target on shares of Avient from $51.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Wells Fargo & Company boosted their price target on shares of Avient from $39.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Avient from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Baird R W raised shares of Avient to a "hold" rating in a report on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average 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.