Shell Asset Management Co. trimmed its holdings in Avient Co. (NYSE:AVNT – Get Rating) by 16.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,894 shares of the company’s stock after selling 1,804 shares during the period. Shell Asset Management Co.’s holdings in Avient were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its stake in shares of Avient by 22.7% during the 1st quarter. Raymond James & Associates now owns 29,947 shares of the company’s stock valued at $1,437,000 after acquiring an additional 5,546 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Avient by 2.2% in the 1st quarter. American Century Companies Inc. now owns 10,341 shares of the company’s stock valued at $496,000 after purchasing an additional 221 shares in the last quarter. US Bancorp DE grew its holdings in shares of Avient by 3.5% during the 1st quarter. US Bancorp DE now owns 8,862 shares of the company’s stock worth $425,000 after purchasing an additional 297 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Avient in the first quarter worth $110,000. Finally, Bank of Montreal Can raised its position in Avient by 9.4% in the first quarter. Bank of Montreal Can now owns 15,146 shares of the company’s stock valued at $748,000 after purchasing an additional 1,296 shares during the period. 93.81% of the stock is currently owned by hedge funds and other institutional investors.
Avient Price Performance
Shares of NYSE AVNT opened at $38.75 on Tuesday. Avient Co. has a 1-year low of $27.65 and a 1-year high of $52.37. The firm has a market capitalization of $3.53 billion, a PE ratio of 5.53 and a beta of 1.53. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.87 and a quick ratio of 1.38. The business’s fifty day moving average price is $39.82 and its two-hundred day moving average price is $37.32.
Avient Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, April 6th. Shareholders of record on Tuesday, March 14th were paid a dividend of $0.248 per share. This is an increase from Avient’s previous quarterly dividend of $0.25. This represents a $0.99 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Monday, March 13th. Avient’s payout ratio is 14.12%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on AVNT. Citigroup increased their price objective on shares of Avient from $41.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Oppenheimer raised shares of Avient from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Thursday, February 16th. Morgan Stanley upped their price objective on shares of Avient from $34.00 to $40.00 and gave the company an “equal weight” rating in a research report on Thursday, February 23rd. Finally, Wells Fargo & Company raised their price objective on Avient from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 16th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.00.
Avient Company Profile
Avient Corp. engages in the business of thermoplastic compounds. It specializes in polymer materials, services, and solutions with operations in specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions and polymer distribution. The firm is also involved in the development and manufacturing of performance enhancing additives, liquid colorants, fluoropolymers, and silicone colorants.
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