New York State Common Retirement Fund Boosts Stake in PolyOne Co. (NYSE:POL)
New York State Common Retirement Fund lifted its stake in shares of PolyOne Co. (NYSE:POL) by 28.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 504,011 shares of the specialty chemicals company’s stock after acquiring an additional 110,278 shares during the quarter. New York State Common Retirement Fund owned approximately 0.55% of PolyOne worth $9,561,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Jennison Associates LLC increased its position in shares of PolyOne by 27.7% during the first quarter. Jennison Associates LLC now owns 2,048,630 shares of the specialty chemicals company’s stock worth $38,863,000 after acquiring an additional 444,408 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in shares of PolyOne by 89,163.6% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 401,686 shares of the specialty chemicals company’s stock worth $7,620,000 after acquiring an additional 401,236 shares during the period. First Horizon Advisors Inc. increased its position in shares of PolyOne by 113.8% during the first quarter. First Horizon Advisors Inc. now owns 1,394 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 742 shares during the period. Shaker Investments LLC OH increased its position in shares of PolyOne by 84.1% during the first quarter. Shaker Investments LLC OH now owns 33,184 shares of the specialty chemicals company’s stock worth $630,000 after acquiring an additional 15,159 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in shares of PolyOne by 9.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 51,386 shares of the specialty chemicals company’s stock worth $975,000 after acquiring an additional 4,274 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP J Scott Horn acquired 5,000 shares of the stock in a transaction dated Thursday, March 19th. The stock was acquired at an average cost of $14.81 per share, for a total transaction of $74,050.00. Also, Director Richard H. Fearon acquired 9,000 shares of the stock in a transaction dated Tuesday, March 17th. The shares were bought at an average price of $13.52 per share, with a total value of $121,680.00. Following the completion of the purchase, the director now directly owns 109,980 shares of the company’s stock, valued at approximately $1,486,929.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 15,000 shares of company stock valued at $213,490. 0.97% of the stock is owned by insiders.
PolyOne (NYSE:POL) last announced its earnings results on Tuesday, April 21st. The specialty chemicals company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.04. The company had revenue of $711.50 million during the quarter, compared to the consensus estimate of $736.26 million. PolyOne had a net margin of 19.58% and a return on equity of 16.97%. PolyOne’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.64 earnings per share. Analysts anticipate that PolyOne Co. will post 1.4 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Friday, June 12th will be paid a $0.203 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $0.81 annualized dividend and a yield of 3.37%. PolyOne’s dividend payout ratio (DPR) is 47.93%.
A number of brokerages have recently commented on POL. ValuEngine raised shares of PolyOne from a “sell” rating to a “hold” rating in a research report on Tuesday, March 24th. Wells Fargo & Co reissued a “buy” rating and set a $27.00 price objective (up from $23.00) on shares of PolyOne in a report on Thursday, May 7th. SunTrust Banks cut their price objective on shares of PolyOne from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Stifel Nicolaus raised shares of PolyOne from a “hold” rating to a “buy” rating in a report on Monday, March 23rd. Finally, Zacks Investment Research lowered shares of PolyOne from a “hold” rating to a “sell” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $28.75.
PolyOne Corporation provides specialized polymer materials, services, and solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in four segments: Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions; and Distribution. The Color, Additives and Inks segment offers specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks, plastisols, and vinyl slush molding solutions.
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