Avient (NYSE:AVNT) Announces Quarterly Earnings Results

Avient (NYSE:AVNT) announced its earnings results on Tuesday. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.07, Briefing.com reports. The business had revenue of $829.00 million during the quarter, compared to the consensus estimate of $818.45 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 EPS. Avient updated its Q2 guidance to $0.71 EPS and its FY24 guidance to $2.50-2.65 EPS.

Avient Stock Performance

Shares of Avient stock traded down $1.21 on Wednesday, reaching $45.11. 137,258 shares of the company were exchanged, compared to its average volume of 462,022. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 54.99, a P/E/G ratio of 0.91 and a beta of 1.53. The company’s 50-day moving average is $42.16 and its two-hundred day moving average is $38.53. 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 1-year low of $27.73 and a 1-year high of $47.87.

Avient Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVNT. Oppenheimer lifted their price target on Avient from $45.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company lifted their target price on shares of Avient from $50.00 to $52.00 and gave the stock 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 stock a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Avient presently has a consensus rating of “Moderate Buy” and a consensus target price 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.