In a recent SEC filing, Joel R. Rathbun, Senior Vice President of Mergers & Acquisitions at Avient Corp (NYSE:AVNT), disclosed the sale of company shares valued at $296,431. The transaction, dated November 7, 2024, involved the sale of 5,762 shares at a price of $51.446 per share.
Additionally, Rathbun reported multiple transactions involving the acquisition and disposal of Avient's common stock. He exercised stock appreciation rights to acquire 27,250 shares at prices ranging from $31.54 to $34.10, totaling approximately $885,321. Furthermore, he disposed of 21,488 shares at prices ranging from $51.44 to $51.452, amounting to a total of $1,105,504.
Following these transactions, Rathbun's direct ownership of Avient shares stands at 28,566.359, held under a supplemental plan.
In other recent news, Avient Corporation reported robust financial results for the third quarter of 2024. The company's sales saw an 8% increase year-over-year, reaching $815 million, with organic growth playing a significant role in this performance. Adjusted earnings per share rose 14% to $0.65, exceeding the expected guidance. Avient's growth was largely driven by strong demand in the Color, Additives and Inks, and Specialty Engineered Materials segments.
In light of its strong financial performance, Avient announced a 5% dividend increase, marking the 14th consecutive year of dividend growth. The company also revealed plans to discuss its new strategy and long-term growth expectations at an Investor Day scheduled at the New York Stock Exchange.
These are just a few of the recent developments at Avient. The company's full-year adjusted EBITDA guidance was narrowed to $525 million to $530 million, with adjusted EPS guidance at $2.63 to $2.67. Despite facing competition in certain markets, Avient remains committed to innovation and customer engagement as key drivers of its success.
InvestingPro Insights
Avient Corp (NYSE:AVNT) has been showing strong market performance, which aligns with the recent insider activity reported in the SEC filing. According to InvestingPro data, the company's stock has seen a significant return over the last week, with a 1-week price total return of 8.13%. This short-term gain is part of a broader trend, as evidenced by the impressive 63.59% price total return over the past year.
The company's financial health appears robust, with InvestingPro Tips indicating that Avient has maintained dividend payments for 14 consecutive years and has even raised its dividend for the same period. This consistency in shareholder returns is particularly noteworthy given the current market conditions.
Avient's market capitalization stands at $4.76 billion, reflecting its substantial presence in the industry. The company's P/E ratio of 31.6 suggests that investors are willing to pay a premium for its shares, possibly due to growth expectations or the company's strong market position.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 11 more tips available for Avient Corp. These tips could provide valuable context to the recent insider transactions and help investors make more informed decisions.
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