Prudential Financial Inc. Acquires 32,400 Shares of Avient Co. (NYSE:AVNT)

Prudential Financial Inc. increased its holdings in shares of Avient Co. (NYSE:AVNT) by 10.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 348,928 shares of the company’s stock after purchasing an additional 32,400 shares during the period. Prudential Financial Inc.’s holdings in Avient were worth $14,257,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Victory Capital Management Inc. raised its stake in Avient by 120.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company’s stock worth $59,675,000 after acquiring an additional 797,112 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Avient during the 4th quarter worth approximately $8,344,000. Jennison Associates LLC lifted its stake in Avient by 7.6% in the 4th quarter. Jennison Associates LLC now owns 1,825,283 shares of the company’s stock valued at $74,581,000 after purchasing an additional 128,718 shares during the last quarter. State Street Corp boosted its position in Avient by 3.0% in the third quarter. State Street Corp now owns 4,231,720 shares of the company’s stock valued at $213,977,000 after buying an additional 121,349 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Avient by 221.7% during the third quarter. Barclays PLC now owns 173,002 shares of the company’s stock worth $8,706,000 after buying an additional 119,229 shares during the last quarter. 95.48% of the stock is owned by institutional investors and hedge funds.

Avient Trading Down 2.3 %

Shares of AVNT stock opened at $38.33 on Friday. Avient Co. has a 1-year low of $37.49 and a 1-year high of $54.68. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.88. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 1.25 and a beta of 1.43. The stock has a 50-day moving average of $41.90 and a 200-day moving average of $45.36.

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

Avient Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be issued a $0.27 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $1.08 annualized dividend and a yield of 2.82%. Avient’s payout ratio is 59.02%.

Analyst Upgrades and Downgrades

AVNT has been the subject of a number of research reports. Wells Fargo & Company dropped their price target on Avient from $59.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft increased their target price on Avient from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Baird R W raised Avient to a “hold” rating in a research note on Friday, March 14th. Robert W. Baird assumed coverage on shares of Avient in a report on Friday, March 14th. They issued a “neutral” rating and a $43.00 price objective for the company. Finally, Seaport Res Ptn raised shares of Avient from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 18th. Two equities research 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. Based on data from MarketBeat.com, Avient presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.80.

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.