State of Alaska Department of Revenue lowered its stake in Avient Co. (NYSE:AVNT – Get Rating) by 9.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,860 shares of the company’s stock after selling 1,275 shares during the quarter. State of Alaska Department of Revenue’s holdings in Avient were worth $359,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Louisiana State Employees Retirement System acquired a new stake in Avient in the third quarter worth about $688,000. Arcadia Investment Management Corp MI lifted its holdings in Avient by 1,052.0% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 7,085 shares of the company’s stock valued at $215,000 after acquiring an additional 6,470 shares during the last quarter. WCM Investment Management LLC lifted its holdings in Avient by 3.5% in the 3rd quarter. WCM Investment Management LLC now owns 298,883 shares of the company’s stock valued at $9,152,000 after acquiring an additional 10,029 shares during the last quarter. Phocas Financial Corp. lifted its holdings in Avient by 3.2% in the 3rd quarter. Phocas Financial Corp. now owns 190,168 shares of the company’s stock valued at $5,763,000 after acquiring an additional 5,879 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in Avient in the 3rd quarter valued at about $3,700,000. Institutional investors and hedge funds own 93.81% of the company’s stock.
Wall Street Analysts Forecast Growth
AVNT has been the subject of a number of research analyst reports. Morgan Stanley cut their price target on shares of Avient from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Monday, November 7th. Robert W. Baird upped their price target on shares of Avient from $35.00 to $44.00 in a report on Tuesday, December 20th. Wells Fargo & Company upped their price target on shares of Avient from $33.00 to $41.00 and gave the company an “overweight” rating in a report on Monday, January 9th. TheStreet downgraded Avient from a “b-” rating to a “c+” rating in a report on Monday, October 24th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Avient from $40.00 to $35.00 in a report on Thursday, November 3rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.14.
Avient Price Performance
Avient (NYSE:AVNT – Get Rating) last issued its earnings results 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 business had revenue of $823.30 million during the quarter, compared to analyst estimates of $850.82 million. Avient had a net margin of 4.08% and a return on equity of 16.11%. Avient’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. Equities research analysts expect that Avient Co. will post 2.9 EPS for the current fiscal year.
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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