Avient (NYSE:AVNT) Shares Down 5.1% - Here's Why

Avient Co. (NYSE:AVNT - Get Free Report) dropped 5.1% on Friday . The stock traded as low as $37.78 and last traded at $37.61. Approximately 348,821 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 597,235 shares. The stock had previously closed at $39.65.

Analyst Upgrades and Downgrades

AVNT has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Avient from $59.00 to $55.00 and set an "overweight" rating for the company in a report on Friday, February 14th. Robert W. Baird assumed 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. Baird R W raised Avient to a "hold" rating in a research report on Friday, March 14th. Seaport Res Ptn raised Avient from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Avient from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.80.

Avient Trading Up 0.2 %

The stock has a fifty day simple moving average of $42.02 and a 200 day simple moving average of $45.50. The firm has a market capitalization of $3.64 billion, a P/E ratio of 21.74, a PEG ratio of 1.25 and a beta of 1.43. The company has a quick ratio of 1.42, a current ratio of 1.88 and a debt-to-equity ratio of 0.88.

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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 (EPS) for the quarter, hitting analysts' consensus estimates of $0.49. Avient had a return on equity of 10.44% and a net margin of 5.23%. As a group, research analysts forecast that Avient Co. will post 2.85 EPS for the current year.

Avient Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.72%. The ex-dividend date is Tuesday, March 18th. Avient's dividend payout ratio (DPR) is presently 59.02%.

Institutional Trading of Avient

A number of hedge funds have recently added to or reduced their stakes in AVNT. FMR LLC grew its stake in Avient by 288.0% in the third quarter. FMR LLC now owns 26,138 shares of the company's stock valued at $1,315,000 after purchasing an additional 19,401 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Avient by 22.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 608,621 shares of the company's stock valued at $30,626,000 after buying an additional 111,489 shares in the last quarter. Cerity Partners LLC boosted its holdings in shares of Avient by 48.5% in the 3rd quarter. Cerity Partners LLC now owns 30,868 shares of the company's stock valued at $1,553,000 after buying an additional 10,088 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Avient by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,243,128 shares of the company's stock worth $62,554,000 after buying an additional 9,893 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Avient by 112.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 151,953 shares of the company's stock worth $7,646,000 after acquiring an additional 80,414 shares in the last quarter. 95.48% of the stock is owned by hedge funds and other 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.