Avient (NYSE:AVNT) Issues FY24 Earnings Guidance

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

Avient Stock Performance

Shares of NYSE AVNT traded down $1.20 during trading on Wednesday, hitting $45.12. The company had a trading volume of 574,712 shares, compared to its average volume of 466,984. The stock has a 50 day simple moving average of $42.16 and a 200 day simple moving average of $38.53. The firm has a market capitalization of $4.12 billion, a P/E ratio of 54.99, a price-to-earnings-growth 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 has a 12 month low of $27.73 and a 12 month high of $47.87.

Avient (NYSE:AVNT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.07. The business had revenue of $829.00 million during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.63 earnings per share. As a group, analysts anticipate that Avient will post 2.55 earnings per share for the current year.

Avient Dividend Announcement

The firm also recently announced 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. This represents a $1.03 annualized dividend and a yield of 2.28%. The ex-dividend date was Monday, March 18th. Avient’s dividend payout ratio (DPR) is presently 124.10%.

Wall Street Analysts Forecast Growth

AVNT has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Avient from $50.00 to $52.00 and gave the company an overweight rating in a research report on Wednesday. Oppenheimer increased their price objective on shares of Avient from $45.00 to $49.00 and gave the company an outperform rating in a report on Thursday, April 18th. Finally, Stifel Nicolaus lifted their target price 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 issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target 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.