Aristeia Capital L.L.C. Grows Stake in Avient Co. (NYSE:AVNT)

Aristeia Capital L.L.C. boosted its holdings in shares of Avient Co. (NYSE:AVNT) by 270.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,073 shares of the company’s stock after buying an additional 13,924 shares during the quarter. Aristeia Capital L.L.C.’s holdings in Avient were worth $779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Gallagher Fiduciary Advisors LLC increased its stake in shares of Avient by 8.4% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 7,612 shares of the company’s stock worth $311,000 after purchasing an additional 591 shares in the last quarter. Jane Street Group LLC boosted its holdings in Avient by 47.0% in the 4th quarter. Jane Street Group LLC now owns 109,965 shares of the company’s stock worth $4,493,000 after buying an additional 35,163 shares during the period. Appian Way Asset Management LP purchased a new stake in Avient in the 4th quarter worth $1,994,000. Northern Trust Corp raised its holdings in Avient by 13.6% during the fourth quarter. Northern Trust Corp now owns 1,197,070 shares of the company’s stock valued at $48,912,000 after acquiring an additional 143,066 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Avient by 8.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 939,601 shares of the company’s stock valued at $38,392,000 after acquiring an additional 75,180 shares in the last quarter. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on AVNT. Baird R W upgraded Avient to a “hold” rating in a research report on Friday, March 14th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Avient from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Seaport Res Ptn raised shares of Avient from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. Wells Fargo & Company decreased their price target on shares of Avient from $55.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Finally, Robert W. Baird started coverage on Avient in a research report on Friday, March 14th. They set a “neutral” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.60.

Avient Trading Up 2.2 %

AVNT stock opened at $34.16 on Friday. The company has a market capitalization of $3.13 billion, a PE ratio of 18.67, a P/E/G ratio of 1.25 and a beta of 1.41. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42. Avient Co. has a 12 month low of $27.86 and a 12 month high of $54.68. The firm’s 50-day moving average is $36.13 and its 200 day moving average is $42.35.

Avient (NYSE:AVNT) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.49 earnings per share for the quarter, meeting the consensus estimate of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. On average, research analysts anticipate that Avient Co. will post 2.85 EPS for the current year.

Avient Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Tuesday, March 18th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.08 annualized dividend and a dividend yield of 3.16%. Avient’s dividend payout ratio is currently 59.02%.

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.