Avient (NYSE:AVNT) PT Raised to $55.00 at Wells Fargo & Company

Avient (NYSE:AVNT) had its price objective upped by stock analysts at Wells Fargo & Company from $52.00 to $55.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 9.78% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded Avient from a “hold” rating to a “buy” rating and upped their price target for the stock from $49.00 to $52.00 in a research report on Wednesday, August 7th. Oppenheimer increased their target price on Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday.

Avient Stock Up 0.6 %

NYSE:AVNT traded up $0.30 during trading hours on Tuesday, reaching $50.10. 19,046 shares of the company traded hands, compared to its average volume of 453,029. The business’s 50-day moving average price is $47.47 and its two-hundred day moving average price is $45.11. The company has a current ratio of 0.97, a quick ratio of 0.73 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.57 billion, a P/E ratio of 43.28, a P/E/G ratio of 1.21 and a beta of 1.47. Avient has a 1 year low of $27.73 and a 1 year high of $51.51.

Avient (NYSE:AVNT) last issued its earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. Avient had a net margin of 3.70% and a return on equity of 10.34%. The company had revenue of $850.00 million for the quarter, compared to analysts’ expectations of $841.40 million. During the same quarter last year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. Analysts predict that Avient will post 2.65 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. boosted its holdings in Avient by 162.9% during the 2nd quarter. Victory Capital Management Inc. now owns 748,675 shares of the company’s stock valued at $32,680,000 after acquiring an additional 463,919 shares during the period. Millennium Management LLC grew its stake in Avient by 836.9% in the 2nd quarter. Millennium Management LLC now owns 480,227 shares of the company’s stock worth $20,962,000 after acquiring an additional 428,971 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Avient in the 2nd quarter worth $15,520,000. Lord Abbett & CO. LLC increased its stake in shares of Avient by 28.8% during the first quarter. Lord Abbett & CO. LLC now owns 1,470,349 shares of the company’s stock valued at $63,813,000 after buying an additional 328,773 shares during the period. Finally, F M Investments LLC bought a new position in shares of Avient during the second quarter valued at approximately $11,135,000. Hedge funds and other institutional investors own 95.48% of the company’s stock.

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.