PolyOne PT Raised to $29.00 (POL)

Investment analysts at Jefferies Group upped their target price on shares of PolyOne (NYSE: POL) from $27.00 to $29.00 in a note issued to investors on Monday. The firm currently has a “buy” rating on the stock.

The analysts wrote, “To reflect the completion of the Spartech acquisition, we are raising our 12-month price target for PolyOne $2 to $29, which effectively maintains our target multiple at 7.6x EBITDA and implies 16% total return.”

Shares of PolyOne traded up 0.60% during mid-day trading on Monday, hitting $25.05. PolyOne has a 52 week low of $12.39 and a 52 week high of $25.07. The stock’s 50-day moving average is currently $22.81. The company has a market cap of $2.242 billion and a P/E ratio of 31.12.

PolyOne last posted its quarterly earnings results on Tuesday, January 29th. The company reported $0.21 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.21. The company had revenue of $679.40 million for the quarter, compared to the consensus estimate of $670.78 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts predict that PolyOne will post $1.36 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Jefferies & Co. raised their price target on shares of PolyOne from $24.00 to $27.00 in a research note to investors on Monday, March 4th. They now have a “buy” rating on the stock. Analysts at Sidoti downgraded shares of PolyOne from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday, January 8th.

Six investment analysts have rated the stock with a buy rating, and three have given a hold rating to the company. PolyOne has a consensus rating of “overweight” and an average target price of $25.67.

The company also recently announced a quarterly dividend, which is scheduled for Friday, April 5th. Stockholders of record on Tuesday, March 5th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, March 1st. This is a boost from PolyOne’s previous quarterly dividend of $0.05.

PolyOne Corporation is a provider of specialized polymer materials, services and solutions with operations in thermoplastic compounds, specialty polymer formulations, color and additive systems, thermoplastic resin distribution and specialty polyvinyl chloride (PVC) resins.

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