Avient Co. (NYSE:AVNT) Stock Position Decreased by ARK Investment Management LLC

ARK Investment Management LLC cut its position in shares of Avient Co. (NYSE:AVNT) by 7.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,326 shares of the company’s stock after selling 352 shares during the period. ARK Investment Management LLC’s holdings in Avient were worth $180,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVNT. Norges Bank purchased a new stake in shares of Avient during the 4th quarter worth about $29,313,000. Vanguard Group Inc. lifted its position in shares of Avient by 6.3% in the 1st quarter. Vanguard Group Inc. now owns 9,802,120 shares of the company’s stock worth $470,502,000 after acquiring an additional 583,179 shares during the period. FMR LLC lifted its position in shares of Avient by 19,776.2% in the 1st quarter. FMR LLC now owns 564,086 shares of the company’s stock worth $23,218,000 after acquiring an additional 561,248 shares during the period. Macquarie Group Ltd. lifted its position in shares of Avient by 24.6% in the 1st quarter. Macquarie Group Ltd. now owns 1,754,719 shares of the company’s stock worth $72,224,000 after acquiring an additional 346,232 shares during the period. Finally, Westfield Capital Management Co. LP lifted its position in shares of Avient by 56.4% during the 1st quarter. Westfield Capital Management Co. LP now owns 811,610 shares of the company’s stock worth $33,406,000 after buying an additional 292,658 shares during the period. 95.48% of the stock is owned by hedge funds and other institutional investors.

Avient Price Performance

Avient stock opened at $42.98 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37. The company has a market capitalization of $3.92 billion, a PE ratio of 51.78, a price-to-earnings-growth ratio of 0.92 and a beta of 1.52. Avient Co. has a one year low of $27.73 and a one year high of $42.99. The business has a 50 day simple moving average of $39.03 and a 200 day simple moving average of $36.88.

Avient (NYSE:AVNT) last posted its earnings results on Wednesday, February 14th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.48 by $0.04. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business had revenue of $719.00 million during the quarter, compared to the consensus estimate of $711.87 million. During the same quarter last year, the company earned $0.39 EPS. Avient’s revenue was down 9.0% on a year-over-year basis. On average, sell-side analysts forecast that Avient Co. will post 2.53 EPS for the current fiscal year.

Avient Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Tuesday, March 19th will be given a $0.257 dividend. The ex-dividend date is Monday, March 18th. This represents a $1.03 annualized dividend and a yield of 2.39%. Avient’s payout ratio is 124.10%.

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.