PolyOne Corp
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Materials : Chemicals | Small Cap ValueCompany profile

PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. The Company's segments include Color, Additives and Inks; Specialty Engineered Materials; 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. The Specialty Engineered Materials segment provides specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials. The Performance Products and Solutions segment consists of the Geon Performance Materials and Producer Services business units. As of December 31, 2016, the PolyOne Distribution segment distributed more than 4,000 grades of engineering and commodity grade resins.

Price
Delayed
$33.02
Day's Change
1.31 (4.12%)
Bid
--
Ask
--
B/A Size
--
Day's High
33.52
Day's Low
31.50
Volume
(Heavy Day)

Today's volume of 693,369 shares is on pace to be much greater than POL's 10-day average volume of 435,943 shares.

693,369

UPDATE: This low-volatility dividend-stock strategy can give you peace of mind

2:46 pm ET September 16, 2019 (MarketWatch)
Print

UPDATE: This low-volatility dividend-stock strategy can give you peace of mind

By Philip van Doorn, MarketWatch

A stable yield and price stability might ease your fear of a recession and economic threats

(This is the sixth article in a series about dividend stocks in today's low interest-rate environment based on interviews with professional investors. Links to the previous articles are below.)

Investors who want to follow a dividend strategy but are worried about a decline in stock prices may be well-served by a low-volatility fund.

"Investors tend to panic when volatility rises," said Mike LaBella, head of global equity strategy at QS Investors, which manages the Legg Mason Low Volatility High Dividend ETF (LVHD). "They tend to sell, which is the worst thing to do."

The Legg Mason Low Volatility High Dividend ETF is appropriate for investors who are relatively conservative, LaBella said.

QS Investors is based in New York and has about $20 billion in assets under management.

The Legg Mason Low Volatility High Dividend ETF quotes a 30-day yield of 3.50%, and its portfolio yield, based on the past 12 months of quarterly dividends, has been 3.69%, according to Morningstar. The ETF pays out all the dividends it receives, and its yield typically ranges between 3.5% and 4%, LaBella said. (Please see funds with similar strategies in the tables, below.)

That is an attractive range when you consider 10-year U.S. Treasury notes are yielding 1.62% and 30-year Treasury bonds have a yield of only 2.10%.

The Legg Mason ETF is made up of 79 stocks screened from the Solactive U.S. Broad Market Index. The index includes about 3,000 stocks of U.S. and foreign companies that have primary listings in the U.S. or American depositary receipts (ADRs).

The QS Investors team screens the stocks to arrive at a list of 50 to 100 companies that have been consistently high dividend payers, while making sure the payouts don't exceed earnings, or, in the case of real-estate investment trusts, cash flow. They look ahead, using consensus estimates, to try to screen out companies facing problems. The portfolio is rebalanced quarterly. Stocks with the highest scores take a 2.5% portfolio allocation, while the ETF limits exposure to a stock sector to 25% and limits the exposure to REITs to 15%.

"Just by looking at the first couple of screens, we might have very profitable companies with high dividends that are facing disruption," LaBella said during an interview.

LaBella said an example of the results of the screening is General Electric (GE), which "pretty much cut its dividend out of nowhere, if you only looked at their balance sheet and historical earnings profile" in November 2017.

But in the months before the dividend cut, the ETF didn't increase its holdings as it ordinarily would have when the stock price fell, because of the increased price and earnings volatility indicated by revisions to analysts' estimates.

The ETF sold its shares of GE following the dividend cut, but LaBella said it saved "a significant amount of capital," because it had not loaded up before the cut, and because it avoided continuing declines after selling the shares.

A one-year volatility review

The end of this month marks the one-year anniversary of the start of a brutal 19% decline for the S&P 500 that ran through Dec. 24.

There are always concerns over the economy. When will the current expansion end? How aggressive will the Federal Reserve be with its monetary policy? But investors now have structural worries -- will Brexit take place? How much will the disruption to the U.K. and eurozone economies, which are already weak, affect the U.S. stock market? How radical will the transformation of world trade relationships be in the event of a yearslong trade dispute between the U.S. and China?

It's worth pointing out that despite all the headlines about a strong U.S. stock market this year, with the S&P 500 returning 20.5% through Sept. 6 (with dividends reinvested), the benchmark index has returned only 5.8% over the past 12 months.

Here's a comparison of total returns for the Legg Mason Low Volatility High Dividend ETF and the S&P 500 Index over the past year:

During the S&P 500's 19% drop (with dividends reinvested) from Sept. 28 through the close on Dec. 24, 2018, the ETF was down only 9%, and its 12-month return has been significantly higher than that of the index.

Top holdings

Here are the 20 largest holdings of the Legg Mason Low Volatility High Dividend ETF as of the close on Sept. 6:

Company Ticker Share of fund Dividend yield Total return - 1 year through Sep. 6

Crown Castle International Corp US:CCI 2.8% 3.07% 33%

Procter & Gamble Co. US:PG 2.8% 2.43% 53%

AT&T Inc. US:T 2.7% 5.63% 20%

PepsiCo Inc. US:PEP 2.7% 2.78% 25%

Merck & Co. Inc. US:MRK 2.7% 2.54% 28%

American Electric Power Co. Inc. US:AEP 2.6% 2.94% 28%

Duke Energy Corp. US:DUK 2.6% 4.03% 17%

Verizon Communications Inc. US:VZ 2.6% 4.17% 13%

General Mills Inc. US:GIS 2.6% 3.57% 22%

Xcel Energy Inc. US:XEL 2.5% 2.50% 35%

Kellogg Co. US:K 2.5% 3.55% -9%

Public Service Enterprise Group Inc. US:PEG 2.5% 3.11% 17%

United Parcel Service Inc. Class B US:UPS 2.4% 3.20% 1%

Huntington Bancshares Inc. US:HBAN 2.4% 4.43% -14%

Eaton Corp. PLC US:ETN 2.4% 3.41% 2%

Consolidated Edison Inc. US:ED 2.4% 3.25% 16%

Exxon Mobil Corp. US:XOM 2.3% 4.91% -8%

WEC Energy Group Inc. US:WEC 2.3% 2.53% 38%

Ventas Inc. US:VTR 2.2% 4.21% 32%

Pfizer Inc. US:PFE 2.2% 3.95% -10%

Source: FactSet

Other dividend-stock ETFs designed for low volatility

Here's a list of low-volatility dividend-stock ETFs, starting with the Legg Mason Low Volatility High Dividend ETF, with the rest sorted alphabetically:

ETF Ticker Total Assets ($mil) 12-month yield Expense ratio Dividend payment frequency

Legg Mason Low Volatility High Dividend ETF US:LVHD $744 3.69% 0.27% Quarterly

Invesco S&P 500 High Dividend Low Volatility ETF US:SPHD $3,369 4.29% 0.30% Monthly

Invesco S&P Intl Developed High Dividend Low Volatility ETF US:IDHD $11 4.27% 0.30% Quarterly

Invesco S&P SmallCap High Dividend Low Volatility ETF US:XSHD $24 5.27% 0.30% Monthly

Legg Mason Emerging Markets Low Volatility High Dividend ETF US:LVHE $6 4.46% 0.51% Quarterly

Legg Mason International Low Volatility High Dividend ETF US:LVHI $49 4.74% 0.40% Quarterly

O'Shares FTSE U.S. Quality Dividend ETF US:OUSA $529 2.61% 0.48% Monthly

VictoryShares Emerging Market High Dividend Volatility Weighted ETF US:CEY $43 5.97% 0.50% Monthly

VictoryShares International High Dividend Volatility Weighted ETF US:CID $88 5.42% 0.45% Monthly

VictoryShares U.S. Large Cap High Dividend Volatility Weighted ETF US:CDL $338 3.08% 0.35% Monthly

VictoryShares U.S. Small Cap High Dividend Volatility Weighted ETF US:CSB $88 3.12% 0.35% Monthly

Sources: FactSet, Morningstar

Dividend yields are net of expenses.

Here's the same group with additional information:

ETF Ticker Inception date Morningstar rating Total return - 12 months Total return - 3 years Total return - 5 years

Legg Mason Low Volatility High Dividend ETF US:LVHD 12/29/2015 4 stars 9% 28% N/A

Invesco S&P 500 High Dividend Low Volatility ETF US:SPHD 10/18/2012 4 stars 3% 18% 60%

Invesco S&P International Developed High Dividend Low Volatility ETF US:IDHD 12/01/2016 N/A 7% N/A N/A

Invesco S&P SmallCap High Dividend Low Volatility ETF US:XSHD 12/01/2016 N/A -10% N/A N/A

Legg Mason Emerging Markets Low Volatility High Dividend ETF US:LVHE 11/17/2016 N/A -1% N/A N/A

Legg Mason International Low Volatility High Dividend ETF US:LVHI 07/27/2016 5 Stars 6% 23% N/A

O'Shares FTSE U.S. Quality Dividend ETF US:OUSA 07/14/2015 4 stars 10% 34% N/A

VictoryShares Emerging Market High Dividend Volatility Weighted ETF US:CEY 10/26/2017 N/A 2% N/A N/A

(MORE TO FOLLOW) Dow Jones Newswires

September 16, 2019 14:46 ET (18:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

MW UPDATE: This low-volatility dividend-stock -2-

VictoryShares International High Dividend Volatility Weighted ETF US:CID 08/19/2015 3 Stars 0% 8% N/A

VictoryShares U.S. Large Cap High Dividend Volatility Weighted ETF US:CDL 07/08/2015 4 stars 3% 32% N/A

VictoryShares U.S. Small Cap High Dividend Volatility Weighted ETF US:CSB 07/08/2015 5 Stars -8% 28% N/A

Sources: FactSet, Morningstar

The only ETF on the list that has been around for at least five years is the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD), which was established in 2012. Its five-year total return (with dividends reinvested) of 60% compares with a return of 64% for its benchmark index, the S&P 500. SPHD's monthly price volatility (standard deviation) for five years has been 3.07, according to FactSet, compared with 3.49 for the ProShares S&P 500 Dividend Aristocrats ETF (NOBL).

More about dividend stocks in a world of low interest rates:

-- 25 dividend stocks selected for value by an outperforming money manager (http://www.marketwatch.com/story/25-dividend-stocks-selected-for-value-by-an-outperforming-money-manager-2019-08-22)

-- This dividend-stock strategy is for investors who want an attractive monthly income stream (http://www.marketwatch.com/story/this-dividend-stock-strategy-is-for-investors-who-want-an-attractive-monthly-income-stream-2019-08-26)

-- Seeking attractive dividend stocks? Here's how to avoid dogs (http://www.marketwatch.com/story/seeking-attractive-dividend-stocks-heres-how-to-avoid-dogs-2019-08-28)

-- 3 dividend stock picks with yields as high as 12% from a manager who doesn't focus on dividends (http://www.marketwatch.com/story/fund-manager-disagrees-with-dividend-stock-focus-but-gives-other-reasons-to-own-3-with-yields-as-high-as-12-2019-09-03)

-- This 'resilient' dividend stock strategy can limit risks to your portfolio (http://www.marketwatch.com/story/this-resilient-dividend-stock-strategy-can-limit-risks-to-your-portfolio-2019-09-04)

Create an email alert for Philip van Doorn's Deep Dive columns here (http://www.marketwatch.com/tools/alerts/newsColumn.asp).

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 16, 2019 14:46 ET (18:46 GMT)

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