Avient (NYSE:AVNT) Trading Down 2.9% - Here's What Happened

Shares of Avient Co. (NYSE:AVNT - Get Free Report) were down 2.9% during mid-day trading on Wednesday . The company traded as low as $36.62 and last traded at $36.49. Approximately 182,152 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 554,445 shares. The stock had previously closed at $37.59.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on AVNT shares. Seaport Res Ptn raised shares of Avient from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 18th. Robert W. Baird started coverage on shares of Avient in a research note on Friday, March 14th. They issued a "neutral" rating and a $43.00 price target for the company. Morgan Stanley decreased their price target on shares of Avient from $51.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Wells Fargo & Company increased their price target on shares of Avient from $39.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Baird R W raised shares of Avient to a "hold" rating in a research note on Friday, March 14th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.80.

Avient Stock Down 4.1%

The stock's 50 day simple moving average is $34.86 and its two-hundred day simple moving average is $39.52. The firm has a market cap of $3.14 billion, a P/E ratio of 18.72, a P/E/G ratio of 1.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42.

Avient (NYSE:AVNT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.01. Avient had a net margin of 5.23% and a return on equity of 10.44%. The business had revenue of $826.60 million during the quarter, compared to the consensus estimate of $834.90 million. During the same quarter last year, the firm earned $0.76 earnings per share. The business's revenue for the quarter was down .3% on a year-over-year basis. As a group, research analysts forecast that Avient Co. will post 2.85 earnings per share for the current year.

Avient Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 20th. Avient's payout ratio is 100.93%.

Institutional Investors Weigh In On Avient

Institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Avient by 75.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 737 shares of the company's stock valued at $27,000 after buying an additional 318 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of 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 buying an additional 250 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Avient by 85.8% during the first quarter. UMB Bank n.a. now owns 1,126 shares of the company's stock valued at $42,000 after buying an additional 520 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Avient by 57.5% during the first quarter. GAMMA Investing LLC now owns 1,422 shares of the company's stock valued at $53,000 after buying an additional 519 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Avient by 2,450.0% in the first quarter. Allworth Financial LP now owns 1,479 shares of the company's stock worth $55,000 after purchasing an additional 1,421 shares during the last quarter. 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.