PolyOne Will Manufacture Specialty Materials in India
On October 12, 2016, PolyOne (POL) announced that it would produce specialty engineered materials at its existing facility in Pune, India.
Oct. 17 2016, Published 12:43 p.m. ET
PolyOne will manufacture specialty materials in India
On October 12, 2016, PolyOne (POL) announced that it would produce specialty engineered materials at its existing facility in Pune, India. The company expects to start production in January 2017. Initially, it will produce specialty engineered polymer materials used in high-performance applications that have the need for flame retardant properties, high strength and durability, stiffness, chemical resistance, or weatherability.
Currently, the facility in the Pune, India, produces colorant and additives that cater to industries such as transportation, electronics and electrical, healthcare, wire and cable, and packaging.
PolyOne stock price
On October 14, 2016, PolyOne closed at $31.24—down 5.2% for the week. Its stock price closed 10.7% lower than the 100-day moving average price of $35.00. It indicates a declining trend in the stock. Analysts expect PolyOne’s 12-month target price to be $39.60—it implies a potential return of ~26.80% compared to the closing price on October 14, 2016. On a year-to-date basis, PolyOne has fallen 1.6%. Its 52-week high is $38.41, while its 52-week low is $22.35.
The PowerShares DWA Basic Materials Momentum Portfolio (PYZ) holds 3.7% in PolyOne as of October 14. It fell 2.1% for the week and closed at $54.81. The fund’s top holdings include Ashland Global Holdings (ASH), International Paper Company (IP), and Chemours (CC). They have weights of 5.5%, 5.2%, and 4.60%, respectively.