Short Interest in Avient Co. (NYSE:AVNT) Declines By 10.3%

Avient Co. (NYSE:AVNT) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,050,000 shares, a decline of 10.3% from the March 15th total of 1,170,000 shares. Based on an average daily trading volume, of 422,200 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.2% of the company’s stock are sold short.

Avient Stock Performance

Shares of NYSE AVNT traded down $0.12 during midday trading on Wednesday, hitting $41.78. 942,752 shares of the company’s stock were exchanged, compared to its average volume of 380,754. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37. The stock’s 50 day moving average price is $40.68 and its 200-day moving average price is $37.48. The firm has a market cap of $3.81 billion, a P/E ratio of 50.33, a PEG ratio of 0.93 and a beta of 1.53. Avient has a twelve month low of $27.73 and a twelve month 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, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $719.00 million during the quarter, compared to the consensus estimate of $711.87 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business’s revenue was down 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. Equities research analysts anticipate that Avient will post 2.53 EPS for the current year.

Avient Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Tuesday, March 19th were given a $0.257 dividend. The ex-dividend date of this dividend was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a yield of 2.46%. Avient’s dividend payout ratio (DPR) is 124.10%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company lifted their target price on Avient from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th.

Institutional Investors Weigh In On Avient

A number of institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates increased its holdings in shares of Avient by 22.7% in the first quarter. Raymond James & Associates now owns 29,947 shares of the company’s stock valued at $1,437,000 after buying an additional 5,546 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Avient by 2.2% in the first quarter. American Century Companies Inc. now owns 10,341 shares of the company’s stock valued at $496,000 after buying an additional 221 shares in the last quarter. US Bancorp DE increased its holdings in shares of Avient by 3.5% in the first quarter. US Bancorp DE now owns 8,862 shares of the company’s stock valued at $425,000 after buying an additional 297 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Avient in the first quarter valued at $110,000. Finally, Bank of Montreal Can increased its holdings in shares of Avient by 9.4% in the first quarter. Bank of Montreal Can now owns 15,146 shares of the company’s stock valued at $748,000 after buying an additional 1,296 shares in 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.