Avient Corporation (NYSE:AVNT) Declares Quarterly Dividend of $0.27

Avient Corporation (NYSE:AVNT - Get Free Report) announced a quarterly dividend on Thursday, July 10th, RTT News reports. Stockholders of record on Friday, September 12th will be given a dividend of 0.27 per share on Wednesday, October 8th. This represents a $1.08 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, September 12th.

Avient has a dividend payout ratio of 34.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Avient to earn $3.28 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.9%.

Avient Price Performance

Shares of AVNT stock traded down $0.75 during trading hours on Friday, hitting $34.18. The company's stock had a trading volume of 893,617 shares, compared to its average volume of 586,490. The business has a fifty day moving average of $35.53 and a 200-day moving average of $37.66. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 31.94, a P/E/G ratio of 1.07 and a beta of 1.33. Avient has a twelve month low of $27.86 and a twelve month high of $54.68. The company has a current ratio of 2.05, a quick ratio of 1.51 and a debt-to-equity ratio of 0.89.

Avient (NYSE:AVNT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.75 by $0.01. The business had revenue of $826.60 million for the quarter, compared to analyst estimates of $834.90 million. Avient had a net margin of 3.09% and a return on equity of 10.48%. The company's quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 earnings per share. As a group, equities research analysts anticipate that Avient will post 2.85 EPS for the current year.

Hedge Funds Weigh In On Avient

Several institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC raised its stake in Avient by 26.7% during the first quarter. Jane Street Group LLC now owns 139,292 shares of the company's stock worth $5,176,000 after purchasing an additional 29,327 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Avient by 3.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 297,976 shares of the company's stock worth $11,073,000 after purchasing an additional 10,535 shares during the period. NewEdge Advisors LLC raised its stake in Avient by 294.8% during the first quarter. NewEdge Advisors LLC now owns 9,340 shares of the company's stock worth $347,000 after purchasing an additional 6,974 shares during the period. United Services Automobile Association purchased a new position in Avient during the first quarter worth approximately $224,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Avient by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,760 shares of the company's stock worth $1,998,000 after purchasing an additional 2,341 shares during the period. Hedge funds and other institutional investors own 95.48% of the company's stock.

Wall Street Analysts Forecast Growth

AVNT has been the topic of several research reports. Wells Fargo & Company increased their price target on shares of Avient from $39.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Morgan Stanley reduced their price objective on shares of Avient from $51.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.80.

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.