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 Stock Performance

AVNT stock traded down $0.32 during midday trading on Friday, hitting $45.28. The company’s stock had a trading volume of 47,624 shares, compared to its average volume of 463,428. The stock’s 50-day moving average price is $42.37 and its 200 day moving average price is $38.62. The company has a quick ratio of 1.37, a current ratio of 1.82 and a debt-to-equity ratio of 0.89. Avient has a 1 year low of $27.73 and a 1 year high of $47.87. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 54.96, a PEG ratio of 0.91 and a beta of 1.53.

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

Avient Dividend Announcement

The company 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 annualized dividend and a yield of 2.27%. Avient’s dividend payout ratio is currently 124.10%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVNT. Stifel Nicolaus boosted 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. Wells Fargo & Company upped their target price on Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research note on Wednesday. Finally, Oppenheimer lifted their price target on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research report on Thursday, April 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Avient has a consensus rating of Moderate Buy and a consensus target price of $46.20.

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.