Avient hikes dividend by 4.2%

On October 12, 2022, Avient Corp (AVNT), formerly PolyOne Corporation (POL), announced that it will raise its quarterly dividend by 4.2 percent to 24.75 cents per share. This follows a dividend hike of 11.8 percent to 23.75 cents per share in 2021 and marks the 11th consecutive year of dividend increases by provider of specialized polymer materials.

The $0.2475 per share will be paid on January 6, 2023, to stockholders of record on December 16, 2022.  On an annualized basis, the dividend will increase from $0.95 to $0.99 per share on the common stock outstanding. On an annualized basis, the dividend will increase to $0.99 per share, yielding 3.2% at a stock price of $33 to AVNT shareholders.

"We are pleased to raise our dividend for the twelfth consecutive year," said Robert M. Patterson, Chairman, President and Chief Executive Officer, Avient Corporation.  "Since first introducing the dividend in 2011, it has increased at a compounded annual growth rate of 16%.  This is a reflection of our portfolio transformation, with 100% of sales now coming from specialty applications, as well as our increased presence in higher growth and less cyclical markets.  While the near-term presents macro-economic uncertainties, we remain confident in our ability to generate strong free cash flow, continue to invest in innovation for the long-term, and return value to shareholders."

Avient, formerly PolyOne Corporation, is a provider of specialty polymer formulations, color and additive systems, packaging solutions, and polymer distribution.  The company's segments include Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions, and PolyOne Distribution. PolyOne's brands include Geon, Glasforms, Neu, Gordon Composites, ColorMatrix, Wilflex, GSDI, Polystrand and GLS.