Avient (NYSE:AVNT) Given New $50.00 Price Target at Wells Fargo & Company

Avient (NYSE:AVNT) had its price target boosted by research analysts at Wells Fargo & Company from $45.00 to $50.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 21.09% from the company’s current price.

Avient Stock Down 2.0 %

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

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

Hedge Funds Weigh In On Avient

Several large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Avient by 7.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,160 shares of the company’s stock valued at $43,414,000 after purchasing an additional 88,576 shares in the last quarter. TimesSquare Capital Management LLC raised its holdings in shares of Avient by 32.4% during the third quarter. TimesSquare Capital Management LLC now owns 737,577 shares of the company’s stock valued at $26,051,000 after purchasing an additional 180,330 shares during the last quarter. Channing Capital Management LLC lifted its position in Avient by 0.9% during the third quarter. Channing Capital Management LLC now owns 1,968,488 shares of the company’s stock valued at $69,527,000 after purchasing an additional 18,411 shares during the period. American Century Companies Inc. boosted its holdings in Avient by 14.1% in the third quarter. American Century Companies Inc. now owns 1,819,796 shares of the company’s stock worth $64,275,000 after purchasing an additional 224,810 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Avient by 64.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 153,129 shares of the company’s stock worth $5,409,000 after purchasing an additional 59,830 shares during the period. 95.48% of the stock is currently owned by hedge funds and other institutional investors.

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.