Hsbc Holdings PLC Sells 4,711 Shares of Avient Co. (NYSE:AVNT)

Hsbc Holdings PLC lowered its position in Avient Co. (NYSE:AVNT) by 22.8% in the 2nd quarter, Holdings Channel reports. The fund owned 15,955 shares of the company’s stock after selling 4,711 shares during the quarter. Hsbc Holdings PLC’s holdings in Avient were worth $695,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC bought a new position in Avient in the first quarter worth $35,000. GAMMA Investing LLC increased its stake in shares of Avient by 88.6% in the 2nd quarter. GAMMA Investing LLC now owns 811 shares of the company’s stock worth $35,000 after acquiring an additional 381 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Avient during the second quarter worth about $59,000. Innealta Capital LLC bought a new stake in Avient during the second quarter worth about $119,000. Finally, Lazard Asset Management LLC bought a new position in shares of Avient during the first quarter valued at approximately $133,000. Hedge funds and other institutional investors own 95.48% of the company’s stock.

Avient Stock Performance

Shares of Avient stock opened at $50.41 on Monday. Avient Co. has a 1 year low of $27.73 and a 1 year high of $51.51. The firm’s 50-day moving average is $46.49 and its 200 day moving average is $44.54. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 43.83, a PEG ratio of 1.21 and a beta of 1.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73.

Avient (NYSE:AVNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. Avient had a return on equity of 10.34% and a net margin of 3.70%. The business had revenue of $850.00 million for the quarter, compared to the consensus estimate of $841.40 million. During the same period last year, the business posted $0.63 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Avient Co. will post 2.65 EPS for the current fiscal year.

Avient Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft raised Avient from a “hold” rating to a “buy” rating and boosted their price target for the stock from $49.00 to $52.00 in a research report 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.