Ameriprise Financial Inc., a financial services company, has increased its stake in Avient Co., a chemical manufacturing company, by 38.9% in the first quarter of this year. This information was obtained from Ameriprise Financial Inc.’s most recent Form 13F filing with the Securities and Exchange Commission. The filing revealed that Ameriprise Financial Inc. now owns 2,808,365 shares of Avient’s stock, an increase of 786,255 shares from the previous quarter. At the end of the quarter, these shares were valued at $115,595,000, making up approximately 3.08% of Avient’s total worth.
On July 27th, Avient released its earnings results for the quarter. The company reported earnings per share (EPS) of $0.63, surpassing the consensus estimate of $0.61 by $0.02. Avient also achieved a return on equity of 9.37% and a net margin of 17.55%. However, its revenue for the quarter stood at $824.40 million compared to the consensus estimate of $842.90 million—a decrease of 7.5% on a year-over-year basis.
Financial analysts have provided their outlook for Avient Co.’s future performance as well. Morgan Stanley reaffirmed their “equal weight” rating on Avient’s shares and set a target price of $40.00 per share in a research note issued on August 1st. Overall, one analyst has recommended holding onto the stock while four analysts have given it a buy rating.
Based on data from Bloomberg.com, the consensus among analysts is categorized as “Moderate Buy.” Furthermore, they have established a consensus target price for Avient Co.’s shares at $43.83.
Looking ahead to the current fiscal year, equities research analysts predict that Avient will post an EPS of 2.43. These forecasts give investors some insight into the company’s expected performance and can assist in making informed investment decisions.
In conclusion, Ameriprise Financial Inc.’s recent increase in its stake in Avient Co., along with Avient’s better-than-expected earnings results, has garnered positive attention from analysts. With a consensus rating of “Moderate Buy” and a target price of $43.83 per share, the outlook for Avient appears to be promising. Investors should monitor the company’s performance closely to gain a deeper understanding of its potential growth opportunities in the future.
Updated on: 19/09/2023
Hedge Fund Activity and Insider Selling Add Complexity to Avient Co.’s Investment Story
Avient Co. has been the subject of significant attention from various hedge funds recently, with several either increasing or decreasing their stakes in the company. Marshall Wace LLP, for example, purchased a new position in Avient during the fourth quarter of the previous year, investing approximately $31,692,000. Similarly, Norges Bank acquired a stake in shares of Avient during the same period, purchasing shares worth $29,313,000.
In more recent developments, Franklin Resources Inc. raised its stake in Avient by 43.7% during the first quarter of this year. This translates to owning 2,420,742 shares of Avient’s stock valued at $99,638,000 after acquiring an additional 735,855 shares. Vanguard Group Inc., another major institutional investor in Avient also increased its holdings by 6.3% during the first quarter. The company now owns a total of 9,802,120 shares valued at $470,502,000 after purchasing an additional 583,179 shares.
Furthermore, FMR LLC also made waves in Avient investments during the first quarter by boosting its position by a staggering 19,776.2%. Currently owning approximately 564,086 shares valued at $23,2181,,000.
It is worth noting that nearly 95% of Avient’s stock is owned by institutional investors.
Shifting gears to insider news within Avient Co., Senior Vice President Joel R. Rathbun recently sold 6.,743 shares of stock in a transaction dated September 6th. These shares were sold at an average price of $38.98 per share and resulted in a total transaction value of $262,,8421,.14. Following this sale , SVP Rathbun now possesses directly ownesr5,,334 shares which consequently have an approximate value of $207,,9191,.32 Such information was disclosed in an official filing with the SEC, and can be accessed through a hyperlink provided.
With respect to Avient’s recent stock performance, the company opened at an initial price of $38.31 on Monday. The stock currently has a fifty-day moving average price of $39.25 as well as a two-hundred day moving average price of $39.38.
In order to provide further insight into Avient Co., it is important to consider its 1-year low and high figures, which stand at $27.65 and $44.74 respectively. With a market capitalization totaling $3.49 billion, the company’s current price-to-earnings ratio is 6.05 and its PEG ratio is 1.48. Avient Co.’s beta measure places it at 1.55.
Significant financial factors such as the company’s debt-to-equity ratio of 0.93, current ratio of 1.95, and quick ratio of 1.48 offer additional metrics that analysts and investors may find useful when evaluating Avient Co.’s overall financial health.
The intricate movement within hedge funds regarding their stakes in Avient Co., together with the recent insider selling by Senior Vice President Rathbun have added an extra layer of complexity and intrigue to this company’s narrative within the investment world.