Legato Capital Management LLC purchased a new stake in PolyOne Corporation (NYSE:POL) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,600 shares of the specialty chemicals company’s stock, valued at approximately $914,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in POL. Zurcher Kantonalbank Zurich Cantonalbank raised its position in PolyOne Corporation by 57.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the specialty chemicals company’s stock valued at $128,000 after buying an additional 1,370 shares during the period. Victory Capital Management Inc. raised its position in PolyOne Corporation by 46.3% in the first quarter. Victory Capital Management Inc. now owns 4,223 shares of the specialty chemicals company’s stock valued at $144,000 after buying an additional 1,336 shares during the period. Creative Planning raised its position in PolyOne Corporation by 22.7% in the first quarter. Creative Planning now owns 4,520 shares of the specialty chemicals company’s stock valued at $154,000 after buying an additional 836 shares during the period. Envestnet Asset Management Inc. raised its position in PolyOne Corporation by 76.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,895 shares of the specialty chemicals company’s stock valued at $167,000 after buying an additional 2,126 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new position in PolyOne Corporation during the first quarter valued at approximately $190,000. 95.72% of the stock is currently owned by institutional investors.
Shares of PolyOne Corporation (NYSE POL) opened at 35.61 on Wednesday. The stock’s market capitalization is $2.91 billion. The company has a 50 day moving average price of $37.75 and a 200-day moving average price of $35.95. PolyOne Corporation has a 1-year low of $28.77 and a 1-year high of $40.88.
PolyOne Corporation (NYSE:POL) last issued its quarterly earnings results on Tuesday, July 25th. The specialty chemicals company reported $0.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.63. PolyOne Corporation had a positive return on equity of 25.84% and a negative net margin of 1.75%. The company had revenue of $814.10 million for the quarter, compared to analysts’ expectations of $812.52 million. During the same period last year, the firm earned $0.59 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that PolyOne Corporation will post $2.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Thursday, September 14th. PolyOne Corporation’s dividend payout ratio (DPR) is presently -73.97%.
Several research analysts have commented on POL shares. TheStreet raised PolyOne Corporation from a “c+” rating to a “b-” rating in a research report on Monday, April 24th. Zacks Investment Research raised PolyOne Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Wednesday, May 3rd. Finally, BidaskClub raised PolyOne Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $39.33.
About PolyOne Corporation
PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. The Company’s segments include Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions, and PolyOne Distribution. The Color, Additives and Inks segment provides custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets.
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