Avient (NYSE:AVNT) PT Raised to $50.00

Avient (NYSE:AVNT) had its target price upped by analysts at Wells Fargo & Company from $45.00 to $50.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 21.09% from the company’s previous close.

Avient Price Performance

AVNT opened at $41.29 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.37 and a current ratio of 1.82. The stock has a market capitalization of $3.77 billion, a PE ratio of 49.75, a price-to-earnings-growth ratio of 0.92 and a beta of 1.53. The stock’s 50 day moving average price is $40.44 and its 200-day moving average price is $37.35. Avient has a 52-week low of $27.73 and a 52-week high of $43.97.

Avient (NYSE:AVNT) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $719.00 million for the quarter, compared to the consensus estimate of $711.87 million. Avient had a net margin of 2.41% and a return on equity of 9.26%. The company’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 EPS. On average, equities research analysts predict that Avient will post 2.53 EPS for the current year.

Hedge Funds Weigh In On Avient

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Avient in the fourth quarter worth $40,628,000. Vanguard Group Inc. grew its position in Avient by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 9,802,120 shares of the company’s stock valued at $470,502,000 after purchasing an additional 583,179 shares during the last quarter. FMR LLC increased its stake in Avient by 19,776.2% during the 1st quarter. FMR LLC now owns 564,086 shares of the company’s stock valued at $23,218,000 after purchasing an additional 561,248 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in Avient by 17,378.2% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 482,399 shares of the company’s stock worth $20,053,000 after buying an additional 479,639 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Avient by 12.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,438,391 shares of the company’s stock valued at $142,937,000 after purchasing an additional 384,452 shares in the last quarter. 95.48% of the stock is currently owned by hedge funds and other 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.