Avient (NYSE:AVNT) Trading Down 5.1% – Here’s Why

Avient Co. (NYSE:AVNT)’s stock price fell 5.1% on Friday . The stock traded as low as $37.78 and last traded at $37.61. 348,821 shares changed hands during trading, a decline of 42% from the average session volume of 597,235 shares. The stock had previously closed at $39.65.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price objective on 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 decreased their target price on shares of Avient from $59.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, February 14th. Robert W. Baird started coverage on shares of Avient in a report on Friday, March 14th. They set a “neutral” rating and a $43.00 price target for the company. Seaport Res Ptn upgraded shares of Avient from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Finally, Baird R W raised Avient to a “hold” rating in a report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Avient has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

Avient Trading Down 4.4 %

The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.42 and a current ratio of 1.88. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 1.25 and a beta of 1.43. The business has a fifty day simple moving average of $42.02 and a 200-day simple moving average of $45.64.

Avient (NYSE:AVNT) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. Avient had a return on equity of 10.44% and a net margin of 5.23%. As a group, equities analysts forecast that Avient Co. will post 2.85 earnings per share for the current fiscal year.

Avient Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.08 annualized dividend and a dividend yield of 2.85%. Avient’s dividend payout ratio is 59.02%.

Hedge Funds Weigh In On Avient

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Avient during the 4th quarter valued at approximately $50,548,000. Ameriprise Financial Inc. boosted its stake in shares of Avient by 200.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,321,791 shares of the company’s stock valued at $54,012,000 after purchasing an additional 882,234 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Avient by 120.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company’s stock worth $59,675,000 after buying an additional 797,112 shares during the period. Point72 Asset Management L.P. raised its stake in Avient by 250.5% during the fourth quarter. Point72 Asset Management L.P. now owns 532,610 shares of the company’s stock worth $21,762,000 after buying an additional 380,657 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Avient by 9.5% in the fourth quarter. Franklin Resources Inc. now owns 3,185,999 shares of the company’s stock valued at $130,180,000 after buying an additional 276,357 shares during the period. 95.48% of the stock is currently owned by institutional investors.

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.