Avient (NYSE:AVNT) Issues FY24 Earnings Guidance

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

Avient Price Performance

Shares of Avient stock traded up $0.51 during trading hours on Thursday, hitting $45.63. The company’s stock had a trading volume of 278,512 shares, compared to its average volume of 464,693. The business has a 50 day moving average price of $42.27 and a two-hundred day moving average price of $38.57. Avient has a 12-month low of $27.73 and a 12-month high of $47.87. The company has a market cap of $4.16 billion, a PE ratio of 54.36, a PEG ratio of 0.91 and a beta of 1.53. 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 (NYSE:AVNT) last announced 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 return on equity of 9.26% and a net margin of 2.41%. The business 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 business earned $0.63 earnings per share. The business’s revenue was down 2.0% on a year-over-year basis. Analysts expect that Avient will post 2.55 earnings per share for the current fiscal year.

Avient Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders 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 annualized dividend and a yield of 2.25%. Avient’s payout ratio is currently 124.10%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AVNT. Wells Fargo & Company boosted their price objective on Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research note on Wednesday. Oppenheimer boosted their price objective on Avient from $45.00 to $49.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Finally, Stifel Nicolaus boosted their price objective on Avient from $49.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average 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.