Avient (NYSE:AVNT) Sets New 12-Month Low – What’s Next?

Avient Co. (NYSE:AVNT)’s stock price 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 changing hands. The stock had previously closed at $38.33.

Wall Street Analysts Forecast Growth

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

Avient Stock Performance

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

Avient (NYSE:AVNT) last announced its earnings results on Thursday, February 13th. The company reported $0.49 EPS for the quarter, meeting analysts’ consensus estimates of $0.49. Avient had a return on equity of 10.44% and a net margin of 5.23%. As a group, sell-side analysts expect that Avient Co. will post 2.85 earnings per share for the current year.

Avient Dividend Announcement

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

Institutional Investors Weigh In On Avient

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

Avient Company 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.