Avient (NYSE:AVNT) Hits New 52-Week High at $49.47

Avient Co. (NYSE:AVNT)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $49.47 and last traded at $49.32, with a volume of 81965 shares traded. The stock had previously closed at $48.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on AVNT shares. Wells Fargo & Company lifted their target price on Avient from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft raised 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 report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their target price on Avient from $49.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th.

Avient Stock Performance

The firm has a market cap of $4.48 billion, a P/E ratio of 42.75, a PEG ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.90 and a quick ratio of 1.42. The stock’s 50 day moving average is $44.84 and its two-hundred day moving average is $43.40.

Avient (NYSE:AVNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The business had revenue of $850.00 million during the quarter, compared to analysts’ expectations of $841.40 million. Avient had a return on equity of 9.79% and a net margin of 3.37%. Avient’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 EPS. As a group, equities analysts predict that Avient Co. will post 2.61 EPS for the current year.

Avient Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Friday, September 13th will be issued a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a yield of 2.10%. This is a boost from Avient’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 13th. Avient’s dividend payout ratio (DPR) is currently 89.57%.

Institutional Trading of Avient

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Avient in the fourth quarter valued at approximately $40,628,000. Public Employees Retirement Association of Colorado lifted its stake in shares of Avient by 17,378.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 482,399 shares of the company’s stock valued at $20,053,000 after purchasing an additional 479,639 shares during the period. Victory Capital Management Inc. boosted its position in shares of Avient by 162.9% in the 2nd quarter. Victory Capital Management Inc. now owns 748,675 shares of the company’s stock worth $32,680,000 after purchasing an additional 463,919 shares during the last quarter. Millennium Management LLC grew its stake in shares of Avient by 836.9% during the second quarter. Millennium Management LLC now owns 480,227 shares of the company’s stock worth $20,962,000 after purchasing an additional 428,971 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Avient by 12.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,438,391 shares of the company’s stock worth $142,937,000 after purchasing an additional 384,452 shares during the period. 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.