Comerica Bank boosted its stake in Avient Co. (NYSE:AVNT – Get Rating) by 77.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,159 shares of the company's stock after purchasing an additional 32,463 shares during the period. Comerica Bank owned approximately 0.08% of Avient worth $2,446,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in AVNT. Arcadia Investment Management Corp MI bought a new position in shares of Avient during the second quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new position in Avient in the second quarter worth about $25,000. Wipfli Financial Advisors LLC acquired a new stake in shares of Avient in the third quarter valued at approximately $26,000. Lazard Asset Management LLC increased its stake in shares of Avient by 104.2% in the second quarter. Lazard Asset Management LLC now owns 686 shares of the company's stock valued at $27,000 after purchasing an additional 350 shares during the period. Finally, First Horizon Advisors Inc. increased its stake in shares of Avient by 565.9% during the second 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 period. 93.81% of the stock is currently owned by institutional investors and hedge funds.
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Shares of AVNT stock opened at $37.86 on Thursday. The firm has a fifty day moving average of $34.57 and a 200-day moving average of $37.18. The company has a quick ratio of 0.99, a current ratio of 1.28 and a debt-to-equity ratio of 1.44. Avient Co. has a 12-month low of $27.65 and a 12-month high of $55.44. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 18.56 and a beta of 1.49.
Avient (NYSE:AVNT – Get Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.02). The firm 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%. The business's revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, equities research analysts predict that Avient Co. will post 2.9 earnings per share for the current fiscal year.Analysts Set New Price Targets
AVNT has been the topic of several recent research reports. TheStreet lowered shares of Avient from a "b-" rating to a "c+" rating in a research report on Monday, October 24th. Wells Fargo & Company lifted their price objective on shares of Avient from $33.00 to $41.00 and gave the company an "overweight" rating in a research note on Monday, January 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Avient from $40.00 to $35.00 in a research note on Thursday, November 3rd. Morgan Stanley dropped their target price on shares of Avient from $37.00 to $34.00 and set an "equal weight" rating on the stock in a report on Monday, November 7th. Finally, Oppenheimer downgraded shares of Avient from an "outperform" rating to a "market perform" rating in a report on Wednesday, September 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Avient presently has an average rating of "Moderate Buy" and an average price target of $45.14.
About Avient
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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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