Avient (NYSE:AVNT) Reaches New 1-Year High at $49.69

Avient Co. (NYSE:AVNT)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.69 and last traded at $49.69, with a volume of 15108 shares trading hands. The stock had previously closed at $48.67.

Analyst Ratings Changes

Separately, Deutsche Bank Aktiengesellschaft raised shares of Avient from a “hold” rating to a “buy” rating and increased their target price for the stock from $49.00 to $52.00 in a research note on Wednesday, August 7th.

Avient Trading Up 2.2 %

The firm has a market cap of $4.54 billion, a P/E ratio of 42.32, a price-to-earnings-growth ratio of 1.14 and a beta of 1.47. The firm has a fifty day simple moving average of $46.15 and a 200-day simple moving average of $44.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73.

Avient (NYSE:AVNT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. Avient had a net margin of 3.70% and a return on equity of 10.34%. The business had revenue of $850.00 million during the quarter, compared to the consensus estimate of $841.40 million. During the same quarter last year, the firm posted $0.63 EPS. Avient’s revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts expect that Avient Co. will post 2.65 earnings per share for the current year.

Avient Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Friday, September 13th will be given a $0.2575 dividend. This is a boost from Avient’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.03 annualized dividend and a yield of 2.07%. Avient’s dividend payout ratio (DPR) is presently 89.57%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of AVNT. Headlands Technologies LLC purchased a new position in Avient during the first quarter worth about $35,000. GAMMA Investing LLC grew its holdings in shares of Avient by 88.6% in the second quarter. GAMMA Investing LLC now owns 811 shares of the company’s stock valued at $35,000 after acquiring an additional 381 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Avient during the second quarter valued at approximately $59,000. Innealta Capital LLC purchased a new stake in shares of Avient during the second quarter valued at approximately $119,000. Finally, Lazard Asset Management LLC purchased a new position in Avient in the first quarter worth $133,000. Hedge funds and other institutional investors own 95.48% of the company’s stock.

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.