Brokerages Set Avient Co. (NYSE:AVNT) Target Price at $54.00

Avient Co. (NYSE:AVNT) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $54.00.

Separately, Zacks Investment Research raised shares of Avient from a “sell” rating to a “hold” rating in a research note on Monday, November 1st.

In other news, SVP Lisa K. Kunkle sold 11,447 shares of Avient stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $60.22, for a total transaction of $689,338.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.45% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Avient by 1.7% in the second quarter. Vanguard Group Inc. now owns 9,265,081 shares of the company’s stock valued at $455,472,000 after buying an additional 151,250 shares during the period. Wells Fargo & Company MN lifted its holdings in Avient by 3.9% in the second quarter. Wells Fargo & Company MN now owns 3,909,257 shares of the company’s stock valued at $192,179,000 after buying an additional 145,451 shares during the period. Franklin Resources Inc. lifted its holdings in Avient by 0.9% in the third quarter. Franklin Resources Inc. now owns 3,450,624 shares of the company’s stock valued at $159,936,000 after buying an additional 29,701 shares during the period. State Street Corp lifted its holdings in Avient by 0.8% in the second quarter. State Street Corp now owns 2,766,453 shares of the company’s stock valued at $136,619,000 after buying an additional 21,401 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Avient by 11.0% in the third quarter. Victory Capital Management Inc. now owns 2,584,693 shares of the company’s stock valued at $119,801,000 after buying an additional 256,207 shares during the period. Institutional investors and hedge funds own 91.80% of the company’s stock.

Shares of AVNT opened at $57.40 on Tuesday. Avient has a 12 month low of $36.36 and a 12 month high of $61.46. The firm’s 50 day moving average is $52.81 and its 200-day moving average is $50.64. The stock has a market capitalization of $5.25 billion, a PE ratio of 19.26, a P/E/G ratio of 1.97 and a beta of 1.66. The company has a current ratio of 1.92, a quick ratio of 1.43 and a debt-to-equity ratio of 1.04.

Avient (NYSE:AVNT) last announced its earnings results on Wednesday, October 27th. The company reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.02. Avient had a net margin of 5.97% and a return on equity of 15.67%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $0.46 earnings per share. The business’s revenue for the quarter was up 31.9% on a year-over-year basis. Equities research analysts predict that Avient will post 3.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 7th. Stockholders of record on Friday, December 17th will be issued a dividend of $0.237 per share. This represents a $0.95 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Thursday, December 16th. This is a positive change from Avient’s previous quarterly dividend of $0.21. Avient’s payout ratio is 28.52%.

About Avient

Avient Corp. engages in the business of thermoplastic compounds. It specializes in polymer materials, services, and solutions with operations in specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions and polymer distribution. The firm is also involved in the development and manufacturing of performance enhancing additives, liquid colorants, fluoropolymers and silicone colorants.

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Analyst Recommendations for Avient (NYSE:AVNT)

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