Virtus ETF Advisers LLC bought a new stake in Avient Co. (NASDAQ:AVNT) during the 3rd quarter, Holdings Channel.com reports. The firm bought 50,411 shares of the company’s stock, valued at approximately $1,334,000. Avient comprises about 0.7% of Virtus ETF Advisers LLC’s portfolio, making the stock its 18th largest position.
A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Avient in the third quarter valued at approximately $285,103,000. Wells Fargo & Company MN acquired a new position in shares of Avient during the third quarter worth approximately $98,992,000. State Street Corp acquired a new position in shares of Avient during the third quarter worth approximately $74,374,000. Jennison Associates LLC purchased a new stake in Avient in the 3rd quarter valued at $54,926,000. Finally, Victory Capital Management Inc. purchased a new stake in Avient in the 3rd quarter valued at $47,931,000.
NASDAQ AVNT traded down $0.83 during trading hours on Monday, hitting $36.57. The company had a trading volume of 1,152 shares, compared to its average volume of 861,847. Avient Co. has a 52 week low of $8.69 and a 52 week high of $38.54. The company’s 50 day moving average is $33.38.
Avient (NASDAQ:AVNT) last issued its earnings results on Sunday, November 8th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). The business had revenue of $924.50 million during the quarter, compared to analyst estimates of $903.11 million. The firm’s quarterly revenue was up 31.1% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 8th. Shareholders of record on Friday, December 18th will be paid a $0.2125 dividend. The ex-dividend date is Thursday, December 17th. This represents a $0.85 annualized dividend and a yield of 2.32%. This is an increase from Avient’s previous quarterly dividend of $0.20.
AVNT has been the subject of a number of analyst reports. The Goldman Sachs Group raised Avient from a “neutral” rating to a “buy” rating and increased their price target for the company from $32.00 to $39.00 in a research report on Friday, October 2nd. Wells Fargo & Company upped their price objective on Avient from $33.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, September 25th. BidaskClub upgraded Avient from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 5th. Zacks Investment Research downgraded Avient from a “buy” rating to a “hold” rating in a research note on Tuesday, November 3rd. Finally, Citigroup initiated coverage on Avient in a research note on Friday, September 4th. They set a “neutral” rating and a $30.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $35.57.
Avient Corporation provides specialized polymer materials, services, and solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in 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, plastisols, and vinyl slush molding solutions.
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