Avient (NYSE:AVNT) Releases FY24 Earnings Guidance

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

Avient Price Performance

Shares of NYSE AVNT traded up $0.51 during mid-day trading on Thursday, reaching $45.63. The company had a trading volume of 278,512 shares, compared to its average volume of 464,693. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.37 and a current ratio of 1.82. Avient has a one year low of $27.73 and a one year high of $47.87. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 54.36, a PEG ratio of 0.91 and a beta of 1.53. The business’s 50-day simple moving average is $42.27 and its 200 day simple moving average is $38.57.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.07. Avient had a return on equity of 9.26% and a net margin of 2.41%. The company had revenue of $829.00 million for the quarter, compared to analysts’ expectations of $818.45 million. During the same quarter last year, the business earned $0.63 earnings per share. Avient’s revenue was down 2.0% on a year-over-year basis. On average, research analysts predict that Avient will post 2.55 earnings per share for the current fiscal year.

Avient Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Tuesday, March 19th were given a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, March 18th. Avient’s payout ratio is currently 124.10%.

Analyst Upgrades and Downgrades

AVNT has been the topic of several research analyst reports. Oppenheimer raised their price objective on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Wells Fargo & Company raised their price objective on Avient from $50.00 to $52.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Stifel Nicolaus raised their price objective on Avient from $49.00 to $53.00 and gave the company a buy rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the 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.