Avient (NYSE:AVNT) Sets New 52-Week High Following Better-Than-Expected Earnings

Avient Corporation (NYSE:AVNT)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $48.87 and last traded at $47.6330, with a volume of 67,010 shares trading hands. The stock had previously closed at $43.25.

The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. Avient had a net margin of 5.10% and a return on equity of 11.64%. During the same period last year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis.

Avient Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Friday, December 11th will be paid a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Avient’s previous quarterly dividend of $0.2750. The ex-dividend date of this dividend is Friday, December 11th. Avient’s payout ratio is presently 59.46%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Zacks Research lowered Avient from a “strong-buy” rating to a “hold” rating in a report on Friday, October 30th. Barclays initiated coverage on Avient in a report on Monday, October 12th. They issued an “equal weight” rating and a $44.00 price target on the stock. Wall Street Zen lowered Avient from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 17th. Wells Fargo & Company upped their price objective on Avient from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Truist Financial raised their price objective on Avient from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.38.

Institutional Investors Weigh In On Avient

A number of hedge funds and other institutional investors have recently bought and sold shares of AVNT. Ethic Inc. increased its holdings in Avient by 6.1% in the 3rd quarter. Ethic Inc. now owns 28,577 shares of the company’s stock worth $1,150,000 after buying an additional 1,631 shares during the period. Pictet Asset Management Holding SA raised its position in Avient by 7.7% during the 3rd quarter. Pictet Asset Management Holding SA now owns 15,760 shares of the company’s stock worth $634,000 after buying an additional 1,120 shares during the last quarter. Covestor Ltd lifted its stake in Avient by 276.9% during the 3rd quarter. Covestor Ltd now owns 2,706 shares of the company’s stock valued at $109,000 after acquiring an additional 1,988 shares during the period. Vise Technologies Inc. lifted its stake in Avient by 65.6% during the 3rd quarter. Vise Technologies Inc. now owns 10,423 shares of the company’s stock valued at $420,000 after acquiring an additional 4,130 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Avient by 145.3% in the 3rd quarter. Signaturefd LLC now owns 1,425 shares of the company’s stock valued at $57,000 after acquiring an additional 844 shares during the last quarter. Hedge funds and other institutional investors own 95.48% of the company’s stock.

Avient Price Performance

The firm has a market capitalization of $4.31 billion, a PE ratio of 25.43, a P/E/G ratio of 1.25 and a beta of 1.23. The firm’s fifty day moving average price is $41.49 and its 200 day moving average price is $38.57. The company has a current ratio of 1.90, a quick ratio of 1.35 and a debt-to-equity ratio of 0.77.

About Avient

Avient Corporation (NYSE: AVNT) is a global provider of specialized and sustainable polymer materials. The company develops, formulates and manufactures engineered materials, colorants, additives and performance-enhancing solutions used to improve the appearance, durability, processing and functionality of plastic products.

Its offerings include specialty polymer formulations, thermoplastic compounds, color and additive concentrates, advanced composites, barrier technologies and recycled or bio-based material solutions.