Arcadia Investment Management Corp MI Has $332,000 Position in Avient Co. (NYSE:AVNT)

Arcadia Investment Management Corp MI raised its position in Avient Co. (NYSE:AVNT) by 114.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,610 shares of the company’s stock after acquiring an additional 4,055 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Avient were worth $332,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AVNT. Arizona State Retirement System lifted its stake in shares of Avient by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 25,527 shares of the company’s stock worth $1,114,000 after buying an additional 474 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Avient by 162.9% during the 2nd quarter. Victory Capital Management Inc. now owns 748,675 shares of the company’s stock worth $32,680,000 after buying an additional 463,919 shares during the last quarter. Fiera Capital Corp lifted its stake in shares of Avient by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 662,713 shares of the company’s stock worth $28,927,000 after buying an additional 8,165 shares during the last quarter. Natixis Advisors LLC lifted its stake in shares of Avient by 2.2% during the 2nd quarter. Natixis Advisors LLC now owns 51,034 shares of the company’s stock worth $2,228,000 after buying an additional 1,084 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Avient during the 2nd quarter worth about $2,901,000. Institutional investors and hedge funds own 95.48% of the company’s stock.

Avient Stock Performance

Avient stock traded down $0.66 during midday trading on Friday, hitting $45.60. The company’s stock had a trading volume of 30,614 shares, compared to its average volume of 453,210. Avient Co. has a 1-year low of $27.73 and a 1-year high of $49.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73. The company has a 50-day moving average price of $45.17 and a two-hundred day moving average price of $43.65. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 40.23, a PEG ratio of 1.22 and a beta of 1.47.

Avient (NYSE:AVNT) last released its earnings results on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. Avient had a net margin of 3.70% and a return on equity of 10.34%. The firm had revenue of $850.00 million for the quarter, compared to analyst estimates of $841.40 million. During the same period last year, the firm earned $0.63 EPS. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, sell-side analysts predict that Avient Co. will post 2.65 earnings per share for the current year.

Avient Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Friday, September 13th will be issued a $0.2575 dividend. This is a positive change from Avient’s previous quarterly dividend of $0.26. This represents a $1.03 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, September 13th. Avient’s dividend payout ratio (DPR) is currently 89.57%.

Analyst Upgrades and Downgrades

Separately, Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $49.00 to $52.00 in a research note on Wednesday, August 7th.

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.