Avient (NYSE:AVNT) Reaches New 12-Month High After Earnings Beat

Avient Corporation (NYSE:AVNT) shares reached a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $48.87 and last traded at $47.6330, with a volume of 67,010 shares trading hands. The stock had previously closed at $43.25.

The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Avient had a net margin of 5.10% and a return on equity of 11.64%. During the same quarter in the previous year, the business earned $0.70 EPS. Avient’s revenue for the quarter was up 10.5% on a year-over-year basis.

Avient Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Friday, December 11th will be issued a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, December 11th. This is a positive change from Avient’s previous quarterly dividend of $0.2750. Avient’s payout ratio is currently 59.46%.

Analyst Ratings Changes

A number of analysts recently weighed in on AVNT shares. Zacks Research lowered shares of Avient from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Barclays began coverage on Avient in a research report on Monday, October 12th. They set an “equal weight” rating and a $44.00 target price for the company. Truist Financial upped their target price on Avient from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Wall Street Zen downgraded Avient from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 17th. Finally, Seaport Research Partners reiterated a “buy” rating and issued a $54.00 price target on shares of Avient in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.38.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AVNT. EverSource Wealth Advisors LLC lifted its holdings in shares of Avient by 51.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the company’s stock worth $45,000 after buying an additional 424 shares during the period. Signaturefd LLC grew its position in shares of Avient by 145.3% during the 3rd quarter. Signaturefd LLC now owns 1,425 shares of the company’s stock worth $57,000 after buying an additional 844 shares in the last quarter. Nykredit A S purchased a new position in shares of Avient during the second quarter valued at $61,000. Allworth Financial LP purchased a new position in shares of Avient during the second quarter valued at $66,000. Finally, GAMMA Investing LLC increased its stake in shares of Avient by 48.6% during the third quarter. GAMMA Investing LLC now owns 1,877 shares of the company’s stock valued at $76,000 after buying an additional 614 shares during the period. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

Avient Price Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.90 and a quick ratio of 1.35. The firm has a fifty day moving average of $41.49 and a two-hundred day moving average of $38.57. The stock has a market capitalization of $4.31 billion, a P/E ratio of 25.43, a P/E/G ratio of 1.25 and a beta of 1.23.

About Avient

Avient Corporation (NYSE: AVNT) is a global provider of specialized and sustainable polymer materials. The company develops, formulates and manufactures engineered materials, colorants, additives and performance-enhancing solutions used to improve the appearance, durability, processing and functionality of plastic products.

Its offerings include specialty polymer formulations, thermoplastic compounds, color and additive concentrates, advanced composites, barrier technologies and recycled or bio-based material solutions.