Avient Co. (NYSE:AVNT) Sees Large Increase in Short Interest

Avient Co. (NYSE:AVNT - Get Free Report) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 1,190,000 shares, an increase of 13.3% from the March 31st total of 1,050,000 shares. Based on an average daily trading volume, of 453,100 shares, the days-to-cover ratio is presently 2.6 days. Approximately 1.3% of the company's shares are sold short.

Avient Stock Performance

AVNT stock traded up $0.56 during trading on Wednesday, hitting $42.98. The company had a trading volume of 438,972 shares, compared to its average volume of 462,764. The firm has a market cap of $3.92 billion, a PE ratio of 51.78, a price-to-earnings-growth ratio of 0.89 and a beta of 1.53. Avient has a 1-year low of $27.73 and a 1-year high of $43.97. The firm has a 50-day moving average price of $41.67 and a 200-day moving average price of $38.12. The company has a quick ratio of 1.37, a current ratio of 1.82 and a debt-to-equity ratio of 0.89.

Avient (NYSE:AVNT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $719.00 million for the quarter, compared to analysts' expectations of $711.87 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The firm's revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. On average, analysts expect that Avient will post 2.55 earnings per share for the current year.

Avient Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Tuesday, March 19th were issued a $0.257 dividend. The ex-dividend date of this dividend was Monday, March 18th. This represents a $1.03 annualized dividend and a yield of 2.39%. Avient's dividend payout ratio (DPR) is presently 124.10%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Avient by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,368,900 shares of the company's stock valued at $431,035,000 after acquiring an additional 34,399 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Avient by 0.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,128,934 shares of the company's stock valued at $179,196,000 after purchasing an additional 36,742 shares in the last quarter. Franklin Resources Inc. boosted its position in Avient by 11.4% in the 4th quarter. Franklin Resources Inc. now owns 3,724,336 shares of the company's stock valued at $154,821,000 after buying an additional 381,610 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Avient by 12.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,438,391 shares of the company's stock valued at $142,937,000 after buying an additional 384,452 shares during the last quarter. Finally, Channing Capital Management LLC boosted its position in Avient by 6.7% in the 4th quarter. Channing Capital Management LLC now owns 2,099,894 shares of the company's stock valued at $87,293,000 after buying an additional 131,406 shares during the last quarter. 95.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AVNT. Wells Fargo & Company boosted their target price on Avient from $45.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, April 11th. Oppenheimer boosted their target price on shares of Avient from $45.00 to $49.00 and gave the stock an "outperform" rating in a research note on Thursday, April 18th.

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.

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