Cable Hill Partners LLC Purchases Shares of 4,349 Avient Co. (NYSE:AVNT)

Cable Hill Partners LLC acquired a new position in shares of Avient Co. (NYSE:AVNT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,349 shares of the company’s stock, valued at approximately $220,000.

Other hedge funds also recently modified their holdings of the company. Versor Investments LP increased its holdings in Avient by 180.5% during the third quarter. Versor Investments LP now owns 17,251 shares of the company’s stock worth $868,000 after buying an additional 11,100 shares during the last quarter. Covestor Ltd increased its stake in shares of Avient by 185.5% during the 3rd quarter. Covestor Ltd now owns 1,459 shares of the company’s stock worth $73,000 after purchasing an additional 948 shares during the last quarter. Atria Investments Inc increased its stake in shares of Avient by 12.9% during the 3rd quarter. Atria Investments Inc now owns 14,789 shares of the company’s stock worth $744,000 after purchasing an additional 1,689 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Avient by 5.7% in the 3rd quarter. Assetmark Inc. now owns 23,862 shares of the company’s stock valued at $1,201,000 after purchasing an additional 1,287 shares during the period. Finally, Forte Capital LLC ADV lifted its stake in Avient by 14.4% in the 3rd quarter. Forte Capital LLC ADV now owns 6,308 shares of the company’s stock valued at $317,000 after purchasing an additional 795 shares during the last quarter. Institutional investors own 95.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Avient from a “hold” rating to a “buy” rating and upped their price objective for the company from $49.00 to $52.00 in a research note on Wednesday, August 7th. Wells Fargo & Company upped their price objective on shares of Avient from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Seaport Res Ptn cut shares of Avient from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Oppenheimer lifted their target price on shares of Avient from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.50.

Insider Buying and Selling

In other Avient news, SVP Joel R. Rathbun sold 5,762 shares of Avient stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $51.45, for a total value of $296,454.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.88% of the stock is currently owned by company insiders.

Avient Stock Down 0.7 %

NYSE AVNT opened at $51.18 on Friday. The company has a market cap of $4.68 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 1.31 and a beta of 1.48. Avient Co. has a 1-year low of $33.64 and a 1-year high of $54.68. The company has a current ratio of 1.63, a quick ratio of 1.21 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average of $48.76 and a 200-day moving average of $46.17.

Avient (NYSE:AVNT) last released its earnings results on Thursday, October 31st. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $815.20 million for the quarter, compared to analyst estimates of $797.50 million. Avient had a return on equity of 10.56% and a net margin of 4.66%. Avient’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. On average, equities research analysts expect that Avient Co. will post 2.66 earnings per share for the current fiscal year.

Avient Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, December 13th. This is an increase from Avient’s previous quarterly dividend of $0.26. Avient’s dividend payout ratio is 63.58%.

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.