Envestnet Asset Management Inc. Buys 9,531 Shares of Avient Co. (NYSE:AVNT)

Envestnet Asset Management Inc. boosted its holdings in shares of Avient Co. (NYSE:AVNT) by 6.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,100 shares of the company’s stock after buying an additional 9,531 shares during the period. Envestnet Asset Management Inc. owned approximately 0.17% of Avient worth $6,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in AVNT. Tidal Investments LLC boosted its position in Avient by 2.1% during the first quarter. Tidal Investments LLC now owns 12,877 shares of the company’s stock worth $559,000 after purchasing an additional 259 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Avient by 3.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 9,145 shares of the company’s stock valued at $397,000 after purchasing an additional 276 shares during the last quarter. GAMMA Investing LLC increased its stake in Avient by 88.6% during the second quarter. GAMMA Investing LLC now owns 811 shares of the company’s stock worth $35,000 after acquiring an additional 381 shares during the last quarter. NBC Securities Inc. increased its stake in Avient by 11.2% during the first quarter. NBC Securities Inc. now owns 4,010 shares of the company’s stock worth $174,000 after acquiring an additional 405 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Avient by 1.9% during the second quarter. Arizona State Retirement System now owns 25,527 shares of the company’s stock worth $1,114,000 after acquiring an additional 474 shares during the last quarter. 95.48% of the stock is owned by institutional investors and hedge funds.

Avient Stock Down 0.8 %

AVNT opened at $50.41 on Monday. The stock has a market capitalization of $4.60 billion, a P/E ratio of 43.83, a price-to-earnings-growth ratio of 1.21 and a beta of 1.47. Avient Co. has a one year low of $27.73 and a one year high of $51.51. The business’s 50-day simple moving average is $46.49 and its 200-day simple moving average is $44.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.73 and a current ratio of 0.97.

Avient (NYSE:AVNT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Avient had a return on equity of 10.34% and a net margin of 3.70%. The company had revenue of $850.00 million for the quarter, compared to analyst estimates of $841.40 million. During the same quarter in the previous year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. Analysts anticipate that Avient Co. will post 2.65 EPS for the current year.

Avient Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Friday, September 13th will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Avient’s previous quarterly dividend of $0.26. This represents a $1.03 annualized dividend and a yield of 2.04%. Avient’s payout ratio is 89.57%.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft raised Avient from a “hold” rating to a “buy” rating and raised their target price for the stock from $49.00 to $52.00 in a research note on Wednesday, August 7th.

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.