Avient (NYSE:AVNT) Trading Down 2.9% - What's Next?

Avient Co. (NYSE:AVNT - Get Free Report)'s stock price was down 2.9% on Wednesday . The stock traded as low as $36.62 and last traded at $36.49. Approximately 182,152 shares changed hands during 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

Several equities analysts have recently weighed in on AVNT shares. Robert W. Baird started coverage on Avient in a report on Friday, March 14th. They set a "neutral" rating and a $43.00 price target for the company. Seaport Res Ptn upgraded Avient from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft lifted 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. Wells Fargo & Company lifted their price objective on Avient from $39.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley reduced their price objective on Avient from $51.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Avient presently has an average rating of "Moderate Buy" and an average price target of $46.80.

Avient Price Performance

The firm has a market capitalization of $3.14 billion, a PE ratio of 18.72, a PEG 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. The firm has a 50-day simple moving average of $34.86 and a 200-day simple moving average of $39.60.

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

Avient Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in Avient by 56.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company's stock worth $28,000 after purchasing an additional 250 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Avient by 75.9% during the 1st 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 in the last quarter. UMB Bank n.a. lifted its position in shares of Avient by 85.8% during the 1st 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 in the last quarter. GAMMA Investing LLC lifted its position in shares of Avient by 57.5% during the 1st quarter. GAMMA Investing LLC now owns 1,422 shares of the company's stock valued at $53,000 after buying an additional 519 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Avient by 2,450.0% during the 1st quarter. Allworth Financial LP now owns 1,479 shares of the company's stock valued at $55,000 after buying an additional 1,421 shares in the last quarter. 95.48% of the stock is owned by hedge funds and other institutional investors.

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.