Avient (NYSE:AVNT) Stock Price Down 5.1% – Here’s Why

Avient Co. (NYSE:AVNT) was down 5.1% during trading on Friday . The stock traded as low as $37.78 and last traded at $37.61. Approximately 348,821 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 597,235 shares. The stock had previously closed at $39.65.

Analyst Upgrades and Downgrades

Several research analysts have commented on AVNT shares. Baird R W upgraded shares of Avient to a “hold” rating in a research report on Friday, March 14th. Seaport Res Ptn upgraded shares of Avient from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 18th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Avient from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company decreased their price objective on shares of Avient from $59.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, February 14th. Finally, Robert W. Baird assumed coverage on shares of Avient in a report on Friday, March 14th. They issued a “neutral” rating and a $43.00 price objective for the company. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.80.

Avient Stock Down 3.1 %

The firm’s fifty day moving average price is $42.02 and its 200-day moving average price is $45.55. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.88 and a quick ratio of 1.42. The firm has a market capitalization of $3.51 billion, a P/E ratio of 21.00, a PEG ratio of 1.25 and a beta of 1.43.

Avient (NYSE:AVNT) last issued its earnings results on Thursday, February 13th. The company reported $0.49 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.49. Avient had a net margin of 5.23% and a return on equity of 10.44%. As a group, equities research analysts forecast that Avient Co. will post 2.85 earnings per share for the current year.

Avient Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Tuesday, March 18th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Tuesday, March 18th. Avient’s payout ratio is 59.02%.

Institutional Trading of Avient

A number of large investors have recently added to or reduced their stakes in AVNT. Smartleaf Asset Management LLC boosted its holdings in Avient by 56.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 695 shares of the company’s stock worth $28,000 after buying an additional 250 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Avient by 44.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company’s stock valued at $50,000 after acquiring an additional 310 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Avient in the 3rd quarter valued at approximately $60,000. Headlands Technologies LLC purchased a new stake in shares of Avient in the 4th quarter valued at approximately $90,000. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Avient in the 4th quarter valued at approximately $96,000. 95.48% of the stock is currently owned by institutional investors.

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.