Bank of New York Mellon Corp Purchases 15,737 Shares of Avient Corporation (NYSE:AVNT)

Bank of New York Mellon Corp raised its stake in Avient Corporation (NYSE:AVNT) by 1.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 969,159 shares of the company’s stock after buying an additional 15,737 shares during the period. Bank of New York Mellon Corp owned about 1.06% of Avient worth $36,014,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in shares of Avient by 20.1% during the 1st quarter. Blue Trust Inc. now owns 2,645 shares of the company’s stock valued at $98,000 after purchasing an additional 443 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Avient by 57.5% during the 1st quarter. GAMMA Investing LLC now owns 1,422 shares of the company’s stock worth $53,000 after acquiring an additional 519 shares during the period. SG Americas Securities LLC lifted its position in Avient by 649.9% during the 1st quarter. SG Americas Securities LLC now owns 22,421 shares of the company’s stock valued at $833,000 after acquiring an additional 19,431 shares during the period. UMB Bank n.a. lifted its position in Avient by 85.8% during the 1st quarter. UMB Bank n.a. now owns 1,126 shares of the company’s stock valued at $42,000 after acquiring an additional 520 shares during the period. Finally, NBC Securities Inc. grew its stake in shares of Avient by 130,733.3% in the first quarter. NBC Securities Inc. now owns 3,925 shares of the company’s stock worth $145,000 after acquiring an additional 3,922 shares during the last quarter. Institutional investors own 95.48% of the company’s stock.

Analyst Ratings Changes

AVNT has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of Avient from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Morgan Stanley cut their target price on shares of Avient from $51.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.80.

Avient Price Performance

Shares of NYSE:AVNT opened at $33.59 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.05 and a quick ratio of 1.51. Avient Corporation has a 1-year low of $27.86 and a 1-year high of $54.68. The company has a market capitalization of $3.07 billion, a P/E ratio of 31.39, a P/E/G ratio of 1.07 and a beta of 1.33. The firm’s 50 day simple moving average is $35.53 and its two-hundred day simple moving average is $37.66.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.01. Avient had a net margin of 3.09% and a return on equity of 10.48%. The business had revenue of $826.60 million for the quarter, compared to the consensus estimate of $834.90 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The company’s revenue for the quarter was down .3% on a year-over-year basis. Research analysts expect that Avient Corporation will post 2.85 EPS for the current fiscal year.

Avient Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 8th. Stockholders of record on Friday, September 12th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Friday, September 12th. Avient’s dividend payout ratio (DPR) is presently 100.93%.

About Avient

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.