Avient Co. (NYSE:AVNT) Brief Interest Update
Avient Co. (NYSE:AVNT – Get Rating) was the target of a significant drop in short-term interest rates in October. As of October 31, there was short interest totaling 2,670,000 shares, down 8.6% from the total of 2,920,000 shares as of October 15. Approximately 3.1% of the company’s shares are sold short. Based on an average trading volume of 663,000 shares, the day-to-cover ratio is currently 4.0 days.
Hedge funds weigh on Avient
Several institutional investors and hedge funds have recently increased or reduced their stake in AVNT. Comerica Bank increased its stake in Avient shares by 5.8% in the first quarter. Comerica Bank now owns 43,156 shares of the company valued at $2,320,000 after buying an additional 2,363 shares last quarter. Park Avenue Securities LLC increased its stake in Avient shares by 13.7% during the first quarter. Park Avenue Securities LLC now owns 4,509 shares of the company worth $216,000 after acquiring an additional 544 shares during the period. Mutual of America Capital Management LLC increased its stake in Avient by 0.6% in the first quarter. Mutual of America Capital Management LLC now owns 180,224 shares of the company valued at $8,651,000 after acquiring 1,011 additional shares during the period. Clearstead Advisors LLC bought a new position in shares of Avient during the first quarter worth $101,000. Finally, Russell Investments Group Ltd. increased its stake in Avient shares by 137.1% in the 1st quarter. Russell Investments Group Ltd. now owns 35,565 shares of the company worth $1,706,000 after purchasing an additional 20,564 shares in the last quarter. 95.49% of the shares are currently held by institutional investors.
Changes to analyst ratings
AVNT has been the subject of a number of recent analyst reports. Oppenheimer downgraded Avient’s shares from an “outperforming” rating to a “market performing” rating in a Wednesday, September 28 research report. Citigroup lowered its price target on Avient from $50.00 to $40.00 in a Tuesday, October 4 research report. Morgan Stanley cut its price target on Avient’s stock from $37.00 to $34.00 and set an “equal weight” rating for the company in a Monday, Nov. 7 research report. Stifel Nicolaus reduced his price target on Avient shares from $76.00 to $70.00 in a Wednesday, July 27 research note. Finally, Wells Fargo & Company lowered its price target on Avient stock from $38.00 to $33.00 in a Thursday, Nov. 3, report. Two research analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.57.
Performance of Avient shares
AVNT shares opened at $33.41 on Wednesday. The company has a market capitalization of $3.04 billion, a PE ratio of 16.38 and a beta of 1.54. The company has a debt ratio of 1.44, a current ratio of 1.28 and a quick ratio of 0.99. Avient has a one-year low of $27.65 and a one-year high of $61.46. The company’s fifty-day moving average price is $33.86 and its 200-day moving average price is $41.00.
Avient (NYSE:AVNT – Get Rating) last released its quarterly earnings data on Wednesday, November 2. The company reported EPS of $0.59 for the quarter, missing analyst consensus estimates of $0.61 per ($0.02). The company posted revenue of $823.30 million in the quarter, versus a consensus estimate of $850.82 million. Avient had a return on equity of 16.11% and a net margin of 4.08%. The company’s revenue for the quarter increased 0.6% year over year. In the same quarter a year earlier, the company posted earnings per share of $0.70. As a group, analysts expect Avient to post earnings per share of 2.92 for the current year.
Avenir increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, January 6. Shareholders of record on Friday, December 16 will receive a dividend of $0.2475 per share. The ex-dividend date is Thursday, December 15. This represents a dividend of $0.99 on an annualized basis and a dividend yield of 2.96%. This is a positive change from Avient’s previous quarterly dividend of $0.24. Avient’s dividend distribution rate is currently 46.57%.
Avient Company Profile
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Avient Corporation provides specialty formulators, 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 Engineering Materials; and Broadcast. The Colors, Additives and Inks segment offers specialty color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and special inks.
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