Avient (NYSE:AVNT) Issues FY 2024 Earnings Guidance

Avient (NYSE:AVNT) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.500-2.650 for the period, compared to the consensus earnings per share estimate of 2.540. The company issued revenue guidance of -. Avient also updated its Q2 2024 guidance to 0.710-0.710 EPS.

Avient Stock Down 1.5 %

Avient stock traded down $0.68 during mid-day trading on Wednesday, reaching $45.64. The stock had a trading volume of 58,053 shares, compared to its average volume of 461,135. Avient has a one year low of $27.73 and a one year high of $47.87. The company has a 50-day moving average price of $42.16 and a two-hundred day moving average price of $38.53. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 55.54, a PEG ratio of 0.91 and a beta of 1.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37.

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

Avient Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Tuesday, March 19th were paid a $0.257 dividend. This represents a $1.03 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, March 18th. Avient’s dividend payout ratio is currently 124.10%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Avient from $49.00 to $53.00 and gave the stock a buy rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Avient from $45.00 to $50.00 and gave the company an overweight rating in a report on Thursday, April 11th. Finally, Oppenheimer raised their target price on shares of Avient from $45.00 to $49.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Two equities 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.com, Avient has an average rating of Moderate Buy and an average target price of $45.80.

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.