Texas Permanent School Fund Reduces Stake in Avient Co. (NYSE:AVNT)

Texas Permanent School Fund lowered its holdings in Avient Co. (NYSE:AVNTGet Rating) by 7.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 61,479 shares of the company’s stock after selling 4,610 shares during the quarter. Texas Permanent School Fund owned about 0.07% of Avient worth $1,863,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Arcadia Investment Management Corp MI purchased a new position in shares of Avient in the 2nd quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Avient in the 2nd quarter valued at about $25,000. Lazard Asset Management LLC increased its holdings in shares of Avient by 104.2% in the 2nd quarter. Lazard Asset Management LLC now owns 686 shares of the company’s stock valued at $27,000 after acquiring an additional 350 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Avient by 565.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,172 shares of the company’s stock valued at $46,000 after acquiring an additional 996 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Avient by 123.1% in the 1st quarter. Covestor Ltd now owns 1,187 shares of the company’s stock valued at $57,000 after acquiring an additional 655 shares during the last quarter. Hedge funds and other institutional investors own 93.81% of the company’s stock.

Avient Stock Up 1.7 %

Avient stock opened at $38.47 on Wednesday. Avient Co. has a twelve month low of $27.65 and a twelve month high of $56.54. The stock has a 50 day moving average of $33.43 and a two-hundred day moving average of $37.25. The company has a current ratio of 1.28, a quick ratio of 0.99 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 18.86 and a beta of 1.49.

Avient (NYSE:AVNTGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). The company had revenue of $823.30 million for the quarter, compared to analyst estimates of $850.82 million. Avient had a return on equity of 16.11% and a net margin of 4.08%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 earnings per share. As a group, research analysts expect that Avient Co. will post 2.89 earnings per share for the current year.

Avient Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 6th. Stockholders of record on Friday, December 16th were issued a $0.2475 dividend. This is a boost from Avient’s previous quarterly dividend of $0.24. This represents a $0.99 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Thursday, December 15th. Avient’s dividend payout ratio (DPR) is currently 48.53%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wells Fargo & Company upped their target price on Avient from $33.00 to $41.00 and gave the company an “overweight” rating in a research report on Monday. Morgan Stanley decreased their target price on Avient from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, November 7th. Oppenheimer cut Avient from an “outperform” rating to a “market perform” rating in a research report on Wednesday, September 28th. Citigroup upped their target price on Avient from $32.00 to $41.00 and gave the company a “buy” rating in a research report on Thursday, December 15th. Finally, TheStreet cut Avient from a “b-” rating to a “c+” rating in a research report on Monday, October 24th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.14.

Avient Company Profile

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Avient Corporation provides specialized formulator, services, and sustainable material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates through three segments: Color, Additives and Inks; Specialty Engineered Materials; and Distribution. 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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