State Board of Administration of Florida Retirement System Has $1.39 Million Stock Position in Avient Co. (NYSE:AVNT)

Posted by on Sep 21st, 2023

State Board of Administration of Florida Retirement System lessened its stake in shares of Avient Co. (NYSE:AVNT – Free Report) by 10.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,863 shares of the company’s stock after selling 4,106 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Avient were worth $1,394,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Macquarie Group Ltd. lifted its holdings in shares of Avient by 24.6% in the first quarter. Macquarie Group Ltd. now owns 1,754,719 shares of the company’s stock valued at $72,224,000 after purchasing an additional 346,232 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Avient by 38.9% during the 1st quarter. Ameriprise Financial Inc. now owns 2,808,365 shares of the company’s stock worth $115,595,000 after acquiring an additional 786,255 shares during the period. JPMorgan Chase & Co. grew its stake in Avient by 6.4% during the 1st quarter. JPMorgan Chase & Co. now owns 559,627 shares of the company’s stock valued at $23,034,000 after acquiring an additional 33,542 shares in the last quarter. Cim Investment Management Inc. increased its holdings in shares of Avient by 3.6% in the 1st quarter. Cim Investment Management Inc. now owns 7,656 shares of the company’s stock valued at $315,000 after purchasing an additional 263 shares during the period. Finally, Susquehanna International Group LLP lifted its position in shares of Avient by 233.8% in the first quarter. Susquehanna International Group LLP now owns 44,297 shares of the company’s stock worth $1,823,000 after purchasing an additional 77,401 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

Avient Stock Down 1.6 %

Shares of Avient stock opened at $36.58 on Thursday. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 5.78, a P/E/G ratio of 1.50 and a beta of 1.55. The stock has a 50-day simple moving average of $39.05 and a 200-day simple moving average of $39.27. Avient Co. has a 52-week low of $27.65 and a 52-week high of $44.74. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.95 and a quick ratio of 1.48.

Avient (NYSE:AVNT – Get Free Report) last posted its earnings results on Thursday, July 27th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Avient had a net margin of 17.55% and a return on equity of 9.37%. The firm had revenue of $824.40 million during the quarter, compared to analysts’ expectations of $842.90 million. During the same period in the previous year, the company earned $0.98 earnings per share. The company’s revenue was down 7.5% compared to the same quarter last year. On average, equities research analysts expect that Avient Co. will post 2.43 earnings per share for the current fiscal year.

Avient Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 15th will be given a dividend of $0.248 per share. This represents a $0.99 annualized dividend and a yield of 2.71%. This is an increase from Avient’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, September 14th. Avient’s dividend payout ratio is presently 15.64%.

Insider Buying and Selling at Avient

In other news, SVP Joel R. Rathbun sold 6,743 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $38.98, for a total transaction of $262,842.14. Following the completion of the sale, the senior vice president now owns 5,334 shares in the company, valued at approximately $207,919.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.88% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reaffirmed an “equal weight” rating and set a $40.00 price objective on shares of Avient in a research report on Tuesday, August 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.83.

View Our Latest Stock Report on AVNT

Avient Company Profile

(Free Report)

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 specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks.

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Institutional Ownership by Quarter for Avient (NYSE:AVNT)

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