Avient (NYSE:AVNT) Sets New 1-Year Low - Here's Why

Avient Co. (NYSE:AVNT - Get Free Report) reached a new 52-week low during trading on Thursday . The stock traded as low as $32.84 and last traded at $33.17, with a volume of 834164 shares trading hands. The stock had previously closed at $37.87.

Analysts Set New Price Targets

AVNT has been the topic of a number of recent research reports. Baird R W raised Avient to a "hold" rating in a report on Friday, March 14th. Wells Fargo & Company decreased their target price on Avient from $59.00 to $55.00 and set an "overweight" rating on the stock in a research report on Friday, February 14th. Robert W. Baird initiated coverage on shares of Avient in a research report on Friday, March 14th. They set a "neutral" rating and a $43.00 price objective for the company. Seaport Res Ptn raised Avient from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.80.

Avient Stock Performance

The company has a quick ratio of 1.42, a current ratio of 1.88 and a debt-to-equity ratio of 0.88. The firm has a 50 day moving average of $40.18 and a 200-day moving average of $44.50. The company has a market cap of $2.64 billion, a P/E ratio of 15.73, a PEG ratio of 1.25 and a beta of 1.41.

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Avient (NYSE:AVNT - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.49 earnings per share for the quarter, hitting analysts' consensus estimates of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. As a group, sell-side analysts anticipate that Avient Co. will post 2.85 EPS for the current fiscal year.

Avient Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.08 dividend on an annualized basis and a yield of 3.75%. Avient's dividend payout ratio is currently 59.02%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its position in Avient by 56.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Avient by 44.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company's stock valued at $50,000 after buying an additional 310 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of Avient in the third quarter worth about $60,000. Headlands Technologies LLC purchased a new position in Avient during the 4th quarter worth approximately $90,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Avient in the fourth quarter worth $96,000. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

About Avient

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.