Avient Co. (NYSE:AVNT – Get Free Report) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,110,000 shares, a growth of 8.8% from the September 15th total of 1,020,000 shares. Based on an average daily volume of 462,700 shares, the short-interest ratio is currently 2.4 days. Approximately 1.2% of the shares of the company are short sold.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on AVNT. Wells Fargo & Company boosted their price target on Avient from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday. Oppenheimer upped their target price on Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Avient from a “hold” rating to a “buy” rating and boosted their price target for the company from $49.00 to $52.00 in a report on Wednesday, August 7th.
View Our Latest Analysis on AVNT
Hedge Funds Weigh In On Avient
Avient Price Performance
Shares of AVNT stock traded up $0.34 during trading hours on Thursday, hitting $51.28. The company had a trading volume of 434,143 shares, compared to its average volume of 456,133. Avient has a 12 month low of $27.73 and a 12 month high of $51.51. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.73 and a current ratio of 0.97. The firm’s fifty day moving average is $47.72 and its 200 day moving average is $45.20. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 44.30, a PEG ratio of 1.21 and a beta of 1.47.
Avient (NYSE:AVNT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Avient had a return on equity of 10.34% and a net margin of 3.70%. The firm had revenue of $850.00 million for the quarter, compared to analysts’ expectations of $841.40 million. During the same period in the prior year, the business posted $0.63 earnings per share. The business’s revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Avient will post 2.65 EPS for the current fiscal year.
Avient Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 13th will be issued a dividend of $0.27 per share. This is an increase from Avient’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, December 13th. Avient’s dividend payout ratio (DPR) is currently 93.91%.
About Avient
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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