Avient (NYSE:AVNT) Sets New 1-Year Low – Here’s What Happened

Avient Co. (NYSE:AVNT) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $37.15 and last traded at $37.38, with a volume of 121722 shares trading hands. The stock had previously closed at $38.33.

Analyst Ratings Changes

Several research firms recently commented on AVNT. Baird R W raised shares of Avient to a “hold” rating in a research note on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Avient from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company dropped their price objective on Avient from $59.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, February 14th. Robert W. Baird started coverage on Avient in a research report on Friday, March 14th. They set a “neutral” rating and a $43.00 target price for the company. Finally, Seaport Res Ptn raised Avient from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

Avient Stock Performance

The business has a 50-day moving average of $41.90 and a two-hundred day moving average of $45.36. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42. The company has a market cap of $3.38 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.25 and a beta of 1.43.

Avient (NYSE:AVNT) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. On average, sell-side analysts predict that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Tuesday, March 18th. Avient’s dividend payout ratio is currently 59.02%.

Institutional Investors Weigh In On Avient

Several institutional investors have recently added to or reduced their stakes in AVNT. PNC Financial Services Group Inc. boosted its stake in Avient by 3.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 22,061 shares of the company’s stock worth $1,110,000 after purchasing an additional 798 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Avient by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,243,128 shares of the company’s stock worth $62,554,000 after buying an additional 9,893 shares during the period. Citigroup Inc. lifted its stake in shares of Avient by 220.0% during the third quarter. Citigroup Inc. now owns 94,063 shares of the company’s stock worth $4,733,000 after buying an additional 64,665 shares during the period. Cerity Partners LLC grew its holdings in shares of Avient by 48.5% during the third quarter. Cerity Partners LLC now owns 30,868 shares of the company’s stock valued at $1,553,000 after buying an additional 10,088 shares during the last quarter. Finally, FMR LLC increased its position in shares of Avient by 288.0% in the 3rd quarter. FMR LLC now owns 26,138 shares of the company’s stock valued at $1,315,000 after acquiring an additional 19,401 shares during the period. Institutional investors and hedge funds own 95.48% of the company’s stock.

About Avient

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.