Avient (NYSE:AVNT) Updates Q2 Earnings Guidance

Avient (NYSE:AVNT) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.71 for the period, compared to the consensus earnings per share estimate of $0.69. Avient also updated its FY24 guidance to $2.50-2.65 EPS.

Analysts Set New Price Targets

A number of brokerages have commented on AVNT. Wells Fargo & Company raised their price objective on Avient from $45.00 to $50.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Oppenheimer lifted their target price on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research report on Thursday, April 18th.

Avient Stock Performance

Shares of AVNT traded up $2.12 during mid-day trading on Tuesday, hitting $46.57. The stock had a trading volume of 546,333 shares, compared to its average volume of 461,574. The firm has a market cap of $4.25 billion, a P/E ratio of 55.87, a PEG ratio of 0.91 and a beta of 1.53. The business has a fifty day moving average price of $42.04 and a 200-day moving average price of $38.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37. Avient has a 52 week low of $27.73 and a 52 week high of $47.87.

Avient (NYSE:AVNT) last issued its earnings results on Wednesday, February 14th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.04. The firm had revenue of $719.00 million for the quarter, compared to analyst estimates of $711.87 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business’s revenue was down 9.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, equities research analysts expect that Avient will post 2.55 EPS for the current year.

Avient Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Tuesday, March 19th were paid a dividend of $0.257 per share. The ex-dividend date of this dividend was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.21%. Avient’s payout ratio is 124.10%.

Avient Company Profile

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.