Avient (NYSE:AVNT) Reaches New 52-Week Low Following Analyst Downgrade

Avient Co. (NYSE:AVNT - Get Free Report)'s share price reached a new 52-week low during trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $55.00 to $39.00. Wells Fargo & Company currently has an overweight rating on the stock. Avient traded as low as $27.86 and last traded at $28.56, with a volume of 145345 shares changing hands. The stock had previously closed at $28.93.

Several other research firms also recently commented on AVNT. Robert W. Baird began coverage on shares of Avient in a report on Friday, March 14th. They issued a "neutral" rating and a $43.00 price objective for 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 report on Friday, February 14th. Seaport Res Ptn raised shares of Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Finally, Baird R W raised shares of Avient to a "hold" rating in a research note on Friday, March 14th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Avient has an average rating of "Moderate Buy" and a consensus price target of $48.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its stake in Avient by 56.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock worth $28,000 after buying an additional 250 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Avient by 44.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company's stock worth $50,000 after buying an additional 310 shares during the last quarter. UMB Bank n.a. boosted its stake in Avient by 85.8% in the first quarter. UMB Bank n.a. now owns 1,126 shares of the company's stock worth $42,000 after buying an additional 520 shares in the last quarter. Curat Global LLC bought a new position in Avient during the first quarter valued at approximately $56,000. Finally, Headlands Technologies LLC purchased a new position in shares of Avient during the fourth quarter worth approximately $90,000. Hedge funds and other institutional investors own 95.48% of the company's stock.

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Avient Trading Up 2.1 %

The stock has a market capitalization of $2.91 billion, a P/E ratio of 17.37, a price-to-earnings-growth ratio of 1.25 and a beta of 1.41. The stock's fifty day moving average price is $39.28 and its two-hundred day moving average price is $44.01. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.88.

Avient (NYSE:AVNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. Avient had a return on equity of 10.44% and a net margin of 5.23%. Equities research analysts forecast that Avient Co. will post 2.85 EPS for the current year.

Avient Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Tuesday, March 18th were paid a $0.27 dividend. The ex-dividend date was Tuesday, March 18th. This represents a $1.08 annualized dividend and a dividend yield of 3.40%. Avient's dividend payout ratio (DPR) is 59.02%.

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.