Genesee Capital Advisors LLC Takes Position in Avient Co. (NYSE:AVNT)

Genesee Capital Advisors LLC purchased a new stake in Avient Co. (NYSE:AVNT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 40,171 shares of the company’s stock, valued at approximately $1,862,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Kennedy Capital Management Inc. increased its holdings in Avient by 10.9% in the second quarter. Kennedy Capital Management Inc. now owns 452,262 shares of the company’s stock valued at $22,233,000 after purchasing an additional 44,413 shares during the period. Segall Bryant & Hamill LLC increased its holdings in Avient by 6.1% in the second quarter. Segall Bryant & Hamill LLC now owns 104,514 shares of the company’s stock valued at $5,138,000 after purchasing an additional 6,049 shares during the period. Victory Capital Management Inc. increased its holdings in Avient by 1.4% in the second quarter. Victory Capital Management Inc. now owns 2,328,486 shares of the company’s stock valued at $114,468,000 after purchasing an additional 31,028 shares during the period. First Trust Advisors LP increased its holdings in Avient by 35.8% in the second quarter. First Trust Advisors LP now owns 57,988 shares of the company’s stock valued at $2,851,000 after purchasing an additional 15,296 shares during the period. Finally, Stifel Financial Corp increased its holdings in Avient by 52.2% in the second quarter. Stifel Financial Corp now owns 88,584 shares of the company’s stock valued at $4,354,000 after purchasing an additional 30,373 shares during the period. Institutional investors own 91.80% of the company’s stock.

In other news, SVP Lisa K. Kunkle sold 11,447 shares of the firm’s stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $60.22, for a total value of $689,338.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.45% of the company’s stock.

Separately, Zacks Investment Research upgraded Avient from a “sell” rating to a “hold” rating in a report on Monday, November 1st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Avient presently has an average rating of “Buy” and a consensus price target of $54.44.

Shares of Avient stock opened at $59.41 on Thursday. The company has a current ratio of 1.92, a quick ratio of 1.43 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $52.36 and a two-hundred day moving average price of $50.57. Avient Co. has a 1-year low of $36.36 and a 1-year high of $61.46. The company has a market cap of $5.44 billion, a P/E ratio of 19.94, a PEG ratio of 1.99 and a beta of 1.66.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Wednesday, October 27th. The company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.02. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.16 billion. Avient had a return on equity of 15.67% and a net margin of 5.97%. The business’s revenue was up 31.9% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. Equities research analysts forecast that Avient Co. will post 3.01 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 7th. Stockholders of record on Friday, December 17th will be paid a $0.237 dividend. The ex-dividend date is Thursday, December 16th. This is an increase from Avient’s previous quarterly dividend of $0.21. This represents a $0.95 annualized dividend and a dividend yield of 1.60%. Avient’s dividend payout ratio (DPR) is currently 28.52%.

Avient Company Profile

Avient Corp. engages in the business of thermoplastic compounds. It specializes in polymer materials, services, and solutions with operations in specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions and polymer distribution. The firm is also involved in the development and manufacturing of performance enhancing additives, liquid colorants, fluoropolymers and silicone colorants.

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Institutional Ownership by Quarter for Avient (NYSE:AVNT)

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