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

Avient (NYSE:AVNT) had its target price lifted by Wells Fargo & Company from $52.00 to $55.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.97% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Avient from a “hold” rating to a “buy” rating and lifted their target price for the company from $49.00 to $52.00 in a research report on Wednesday, August 7th. Oppenheimer lifted their price objective on Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday.

Avient Trading Up 2.1 %

Avient stock opened at $50.94 on Tuesday. Avient has a 52-week low of $27.73 and a 52-week high of $51.51. The company has a market cap of $4.65 billion, a P/E ratio of 44.30, a P/E/G ratio of 1.21 and a beta of 1.47. The company has a quick ratio of 0.73, a current ratio of 0.97 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $47.72 and a two-hundred day simple moving average of $45.20.

Avient (NYSE:AVNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $841.40 million. During the same period in the previous year, the business posted $0.63 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. Analysts predict that Avient will post 2.65 EPS for the current year.

Hedge Funds Weigh In On Avient

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in shares of Avient by 6.5% in the 4th quarter. Wellington Management Group LLP now owns 319,545 shares of the company’s stock worth $13,283,000 after purchasing an additional 19,375 shares during the period. Vanguard Group Inc. lifted its position in Avient by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 10,368,900 shares of the company’s stock worth $431,035,000 after buying an additional 34,399 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Avient during the fourth quarter worth $390,000. NBC Securities Inc. boosted its stake in Avient by 11.2% during the first quarter. NBC Securities Inc. now owns 4,010 shares of the company’s stock worth $174,000 after buying an additional 405 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Avient by 0.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,128,934 shares of the company’s stock valued at $179,196,000 after acquiring an additional 36,742 shares during the last quarter. 95.48% of the stock is 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.