CIBC initiated coverage on shares of PolyOne Corporation (NYSE:POL) in a research note released on Thursday. The brokerage issued an outperform rating and a $43.00 price objective on the specialty chemicals company’s stock.
Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of PolyOne Corporation from a buy rating to a hold rating in a research note on Tuesday, July 4th. BidaskClub lowered shares of PolyOne Corporation from a hold rating to a sell rating in a research note on Friday, June 23rd. Finally, TheStreet upgraded shares of PolyOne Corporation from a c+ rating to a b- rating in a research note on Monday, April 24th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $40.80.
PolyOne Corporation (NYSE:POL) traded up 0.47% during trading on Thursday, hitting $36.41. 144,451 shares of the stock were exchanged. The stock has a 50 day moving average price of $37.32 and a 200-day moving average price of $36.17. PolyOne Corporation has a 12-month low of $28.77 and a 12-month high of $40.88. The firm’s market capitalization is $2.98 billion.
PolyOne Corporation (NYSE:POL) last released its quarterly earnings data on Tuesday, July 25th. The specialty chemicals company reported $0.63 earnings per share for the quarter, hitting the consensus estimate of $0.63. The company had revenue of $814.10 million for the quarter, compared to analyst estimates of $812.52 million. PolyOne Corporation had a negative net margin of 1.75% and a positive return on equity of 25.84%. PolyOne Corporation’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. On average, equities research analysts anticipate that PolyOne Corporation will post $2.21 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be paid a $0.135 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.54 dividend on an annualized basis and a yield of 1.49%. PolyOne Corporation’s dividend payout ratio (DPR) is currently -73.97%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of PolyOne Corporation by 13,264.4% in the first quarter. BlackRock Inc. now owns 9,786,179 shares of the specialty chemicals company’s stock worth $333,610,000 after buying an additional 9,712,953 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of PolyOne Corporation during the second quarter worth approximately $51,188,000. Wells Fargo & Company MN raised its position in shares of PolyOne Corporation by 175.0% in the first quarter. Wells Fargo & Company MN now owns 1,871,208 shares of the specialty chemicals company’s stock worth $63,789,000 after buying an additional 1,190,756 shares during the period. Victory Capital Management Inc. raised its position in shares of PolyOne Corporation by 27,668.9% in the second quarter. Victory Capital Management Inc. now owns 1,172,679 shares of the specialty chemicals company’s stock worth $45,429,000 after buying an additional 1,168,456 shares during the period. Finally, GW&K Investment Management LLC bought a new position in shares of PolyOne Corporation during the second quarter worth approximately $36,812,000. Institutional investors and hedge funds own 97.03% of the company’s stock.
About PolyOne Corporation
PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. The Company’s segments include Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions, and PolyOne Distribution. The Color, Additives and Inks segment provides custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets.
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