Avient (AVNT), formerly PolyOne Corporation (POL), will raise its quarterly dividend by 4.9 percent to 21.25 cents per share in 2020. This follows a 3.8 percent hike to $0.2025 per share last year and marks the 9th consecutive year of dividend increases by provider of specialized polymer materials.

The next dividend will be paid on January 8, 2021 to stockholders of record on December 18, 2020. On an annualized basis, the dividend will increase to $0.85 per share, yielding 2.5% at a stock price of $32.50.

In the press release dated October 14, announcing this dividend hike the company states: "We are pleased to increase our dividend for the tenth consecutive year. This is a direct result of expanding earnings and increasing free cash flow over the last decade and reflects our ongoing commitment to return cash to shareholders," said Robert M. Patterson, Chairman, President, and Chief Executive Officer, Avient Corporation. Mr. Patterson added, "Most importantly, we are confident in our future earnings growth potential.   As we reported in September, we are seeing early signs of recovery from the COVID-19 pandemic and expect demand conditions will continue to improve.  We are also benefitting from the recent acquisition of Clariant Masterbatch and early synergy capture.  Pro forma for the acquisition we are achieving the highest level of adjusted EBITDA in the company's history."

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.