Avient (NYSE:AVNT) Issues FY24 Earnings Guidance

Avient (NYSE:AVNT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.50-2.65 for the period, compared to the consensus earnings per share estimate of $2.54. Avient also updated its Q2 guidance to $0.71 EPS.

Avient Stock Performance

Shares of AVNT traded down $1.20 during mid-day trading on Wednesday, reaching $45.12. The company’s stock had a trading volume of 574,712 shares, compared to its average volume of 466,984. Avient has a 1-year low of $27.73 and a 1-year high of $47.87. The business has a 50-day simple moving average of $42.16 and a two-hundred day simple moving average of $38.53. The company has a current ratio of 1.82, a quick ratio of 1.37 and a debt-to-equity ratio of 0.89. The stock has a market cap of $4.12 billion, a P/E ratio of 54.99, a PEG ratio of 0.91 and a beta of 1.53.

Avient (NYSE:AVNT) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.69 by $0.07. Avient had a net margin of 2.41% and a return on equity of 9.26%. The firm had revenue of $829.00 million for the quarter, compared to the consensus estimate of $818.45 million. During the same period in the previous year, the company earned $0.63 earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Avient will post 2.55 earnings per share for the current fiscal year.

Avient Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Tuesday, March 19th were issued a dividend of $0.257 per share. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Monday, March 18th. Avient’s dividend payout ratio is currently 124.10%.

Wall Street Analysts Forecast Growth

AVNT has been the topic of a number of recent research reports. Wells Fargo & Company raised their price target on shares of Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research report on Wednesday. Stifel Nicolaus lifted their price target on shares of Avient from $49.00 to $53.00 and gave the company a buy rating in a research report on Wednesday. Finally, Oppenheimer increased their price target on Avient from $45.00 to $49.00 and gave the stock an outperform rating in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $46.20.

About Avient

Avient Corporation operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in two segments, Color, Additives and Inks; and Specialty Engineered Materials. The Color, Additives and Inks segment offers custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, and specialty inks; custom-formulated liquid system, such as polyester, vinyl, natural rubber and latex, polyurethane, and silicone; and proprietary inks.