Twinbeech Capital LP Purchases New Shares in Avient Co. (NYSE:AVNT)

Twinbeech Capital LP purchased a new stake in shares of Avient Co. (NYSE:AVNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 156,342 shares of the company's stock, valued at approximately $6,388,000. Twinbeech Capital LP owned approximately 0.17% of Avient as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Choreo LLC raised its stake in shares of Avient by 4.3% in the fourth quarter. Choreo LLC now owns 5,812 shares of the company's stock valued at $237,000 after acquiring an additional 238 shares during the period. Smartleaf Asset Management LLC increased its stake in Avient by 56.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock worth $28,000 after buying an additional 250 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Avient by 4.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,599 shares of the company's stock worth $270,000 after buying an additional 256 shares during the period. Janney Montgomery Scott LLC increased its stake in Avient by 4.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 5,551 shares of the company's stock worth $227,000 after buying an additional 258 shares during the period. Finally, Gallagher Fiduciary Advisors LLC increased its stake in Avient by 8.4% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 7,612 shares of the company's stock worth $311,000 after buying an additional 591 shares during the period. Hedge funds and other institutional investors own 95.48% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on AVNT shares. Robert W. Baird started coverage on shares of Avient in a research note on Friday, March 14th. They issued a "neutral" rating and a $43.00 price target on the stock. Morgan Stanley dropped their target price 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 increased their target price 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 increased their target price 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 upgraded 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $46.80.

Avient Stock Down 0.9%

NYSE:AVNT opened at $37.43 on Tuesday. Avient Co. has a fifty-two week low of $27.86 and a fifty-two week high of $54.68. The stock has a market capitalization of $3.43 billion, a P/E ratio of 20.45, a P/E/G ratio of 1.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.42 and a current ratio of 1.88. The company's 50-day simple moving average is $35.17 and its 200-day simple moving average is $41.37.

Avient (NYSE:AVNT - Get Free Report) last released 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 for the quarter, compared to analysts' expectations of $834.90 million. During the same period last year, the business earned $0.76 EPS. The company's revenue was down .3% compared to the same quarter last year. On average, equities analysts anticipate that Avient Co. will post 2.85 earnings per share for the current fiscal year.

Avient Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Friday, June 20th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, June 20th. Avient's dividend payout ratio is currently 100.93%.

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.

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