Wells Fargo & Company Increases Avient (NYSE:AVNT) Price Target to $59.00

Avient (NYSE:AVNT) had its price target raised by investment analysts at Wells Fargo & Company from $55.00 to $59.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 16.97% from the company’s previous close.

AVNT has been the topic of several other reports. Seaport Res Ptn lowered shares of Avient from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Oppenheimer increased their price target on shares of Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a “hold” rating to a “buy” rating and increased their price target for the company from $49.00 to $52.00 in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.50.

Avient Trading Down 1.8 %

NYSE AVNT opened at $50.44 on Thursday. The firm’s 50-day moving average is $49.88 and its two-hundred day moving average is $46.79. Avient has a 12 month low of $34.61 and a 12 month high of $54.68. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.21. The stock has a market capitalization of $4.61 billion, a P/E ratio of 31.14, a PEG ratio of 1.32 and a beta of 1.50.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $815.20 million for the quarter, compared to analyst estimates of $797.50 million. Avient had a net margin of 4.66% and a return on equity of 10.56%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. On average, sell-side analysts anticipate that Avient will post 2.66 earnings per share for the current year.

Insider Activity

In related news, SVP Joel R. Rathbun sold 5,762 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $51.45, for a total transaction of $296,454.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.88% of the company’s stock.

Institutional Investors Weigh In On Avient

Several hedge funds have recently modified their holdings of AVNT. UMB Bank n.a. lifted its holdings in Avient by 81.6% in the third quarter. UMB Bank n.a. now owns 663 shares of the company’s stock valued at $33,000 after acquiring an additional 298 shares during the period. GAMMA Investing LLC increased its position in shares of Avient by 88.6% in the second quarter. GAMMA Investing LLC now owns 811 shares of the company’s stock valued at $35,000 after buying an additional 381 shares in the last quarter. Signaturefd LLC increased its position in shares of Avient by 58.7% in the third quarter. Signaturefd LLC now owns 865 shares of the company’s stock valued at $44,000 after buying an additional 320 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Avient by 44.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the company’s stock valued at $50,000 after buying an additional 310 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Avient in the second quarter valued at $59,000. 95.48% of the stock is 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.