Here’s What Happened to Avient Corporation (AVNT) in Q2

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like AAvient Corporation (NYSE:AVNT) in the Q2 2023 investor letter. Headquartered in Avon Lake, Ohio, Avient Corporation (NYSE:AVNT) is a formulator of material solutions. On September 22, 2023, Avient Corporation (NYSE:AVNT) stock closed at $35.43 per share. One-month return of Avient Corporation (NYSE:AVNT) was -8.19%, and its shares gained 7.59% of their value over the last 52 weeks. Avient Corporation (NYSE:AVNT) has a market capitalization of $3.227 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about Avient Corporation (NYSE:AVNT) in its Q2 2023 investor letter:

“The portfolio’s sole holding in the Materials sector is Avient Corporation (NYSE:AVNT). They are a formulator of material solutions across color, additives, inks, and specialty engineered materials. Its products are used in various markets including medical, pharmaceuticals, food packaging, personal care, cosmetics, building products, and filtration. Their first quarter earnings outpaced the consensus on margin upside. Despite the beat, management maintained full year guidance while also noting expectations for revenue softness in the second quarter due to lackluster construction and consumer demand. Its shares had a 0% return for the quarter.”

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Avient Corporation (NYSE:AVNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Avient Corporation (NYSE:AVNT) at the end of second quarter which was 18 in the previous quarter.

We discussed Avient Corporation (NYSE:AVNT) in another article and shared Baron Funds’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.