Avient (NYSE:AVNT) Updates FY24 Earnings Guidance

Avient (NYSE:AVNT) updated its FY24 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Oppenheimer upped their price objective on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Wells Fargo & Company upped their target price on Avient from $45.00 to $50.00 and gave the company an overweight rating in a report on Thursday, April 11th.

Avient Trading Up 4.8 %

AVNT stock traded up $2.12 during trading on Tuesday, hitting $46.57. The company had a trading volume of 546,333 shares, compared to its average volume of 461,574. The business has a 50-day moving average of $42.04 and a 200-day moving average of $38.43. Avient has a one year low of $27.73 and a one year high of $47.87. The stock has a market cap of $4.25 billion, a PE ratio of 55.87, a PEG ratio of 0.91 and a beta of 1.53. The company has a current ratio of 1.82, a quick ratio of 1.37 and a debt-to-equity ratio of 0.89.

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

Avient Announces Dividend

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

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.