Avient (NYSE:AVNT) Hits New 52-Week Low – What’s Next?

Avient Co. (NYSE:AVNT)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $32.84 and last traded at $33.17, with a volume of 834164 shares. The stock had previously closed at $37.87.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Seaport Res Ptn raised shares of Avient from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. Robert W. Baird began coverage on Avient in a research note on Friday, March 14th. They issued a “neutral” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Avient from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Baird R W raised shares of Avient to a “hold” rating in a research report on Friday, March 14th. Finally, Wells Fargo & Company dropped their price target on shares of Avient from $59.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.80.

Avient Stock Down 6.3 %

The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.25 and a beta of 1.41. The firm has a 50 day moving average of $41.01 and a 200 day moving average of $44.92. The company has a quick ratio of 1.42, a current ratio of 1.88 and a debt-to-equity ratio of 0.88.

Avient (NYSE:AVNT) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. As a group, sell-side analysts predict that Avient Co. will post 2.85 earnings per share for the current year.

Avient Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Tuesday, March 18th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.55%. The ex-dividend date was Tuesday, March 18th. Avient’s dividend payout ratio (DPR) is currently 59.02%.

Institutional Trading of Avient

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Avient in the fourth quarter worth approximately $50,548,000. Ameriprise Financial Inc. lifted its holdings in shares of Avient by 200.7% in the 4th quarter. Ameriprise Financial Inc. now owns 1,321,791 shares of the company’s stock worth $54,012,000 after purchasing an additional 882,234 shares in the last quarter. Victory Capital Management Inc. grew its position in Avient by 120.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,460,481 shares of the company’s stock valued at $59,675,000 after purchasing an additional 797,112 shares during the period. Point72 Asset Management L.P. grew its position in Avient by 250.5% in the 4th quarter. Point72 Asset Management L.P. now owns 532,610 shares of the company’s stock valued at $21,762,000 after purchasing an additional 380,657 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Avient by 9.5% during the fourth quarter. Franklin Resources Inc. now owns 3,185,999 shares of the company’s stock worth $130,180,000 after buying an additional 276,357 shares during the last quarter. 95.48% of the stock is currently owned by institutional investors and hedge funds.

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.