PNC Financial Services Group Inc. Has $2.87 Million Stake in PolyOne Corporation (POL)
PNC Financial Services Group Inc. increased its position in PolyOne Corporation (NYSE:POL) by 11.2% during the first quarter, Holdings Channel reports. The firm owned 84,104 shares of the specialty chemicals company’s stock after buying an additional 8,473 shares during the period. PNC Financial Services Group Inc.’s holdings in PolyOne Corporation were worth $2,867,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PolyOne Corporation by 57.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the specialty chemicals company’s stock worth $128,000 after buying an additional 1,370 shares during the period. Victory Capital Management Inc. boosted its stake in shares of PolyOne Corporation by 46.3% in the first quarter. Victory Capital Management Inc. now owns 4,223 shares of the specialty chemicals company’s stock valued at $144,000 after buying an additional 1,336 shares during the last quarter. Tyers Asset Management LLC acquired a new stake in shares of PolyOne Corporation during the fourth quarter valued at approximately $150,000. Creative Planning boosted its stake in shares of PolyOne Corporation by 22.7% in the first quarter. Creative Planning now owns 4,520 shares of the specialty chemicals company’s stock valued at $154,000 after buying an additional 836 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of PolyOne Corporation by 76.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,895 shares of the specialty chemicals company’s stock valued at $167,000 after buying an additional 2,126 shares during the last quarter. Institutional investors own 93.43% of the company’s stock.
Shares of PolyOne Corporation (NYSE:POL) traded down 1.16% during mid-day trading on Tuesday, reaching $37.43. 23,445 shares of the company’s stock traded hands. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 18.18 and a beta of 1.69. The firm’s 50-day moving average is $38.10 and its 200 day moving average is $34.94. PolyOne Corporation has a one year low of $28.77 and a one year high of $40.88.
PolyOne Corporation (NYSE:POL) last announced its earnings results on Thursday, April 27th. The specialty chemicals company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.06. The business had revenue of $899 million for the quarter, compared to analyst estimates of $860.52 million. PolyOne Corporation had a net margin of 5.10% and a return on equity of 24.50%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.56 earnings per share. Analysts predict that PolyOne Corporation will post $2.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 16th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.43%. PolyOne Corporation’s dividend payout ratio (DPR) is presently 26.21%.
Several analysts have commented on POL shares. Jefferies Group LLC upgraded shares of PolyOne Corporation to a “hold” rating and set a $38.00 price objective for the company in a research note on Thursday, March 2nd. Zacks Investment Research cut shares of PolyOne Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 4th. Finally, TheStreet upgraded shares of PolyOne Corporation from a “c+” rating to a “b-” rating in a research note on Monday, April 24th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $39.00.
PolyOne Corporation Company Profile
PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. Its segments include Color, Additives and Inks; Specialty Engineered Materials; Designed Structures and Solutions; 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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