Avient (NYSE:AVNT) Issues Quarterly Earnings Results

Avient (NYSE:AVNT) posted its earnings results on Tuesday. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.07, Briefing.com reports. The business had revenue of $829.00 million during the quarter, compared to analyst estimates of $818.45 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 earnings per share. Avient updated its Q2 guidance to $0.71 EPS and its FY24 guidance to $2.50-2.65 EPS.

Avient Stock Down 1.6 %

NYSE:AVNT traded down $0.74 during mid-day trading on Wednesday, reaching $45.58. The stock had a trading volume of 79,915 shares, compared to its average volume of 461,185. The stock’s 50 day simple moving average is $42.16 and its two-hundred day simple moving average is $38.53. Avient has a 1-year low of $27.73 and a 1-year high of $47.87. The company has a market capitalization of $4.16 billion, a price-to-earnings 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 current ratio of 1.82 and a quick ratio of 1.37.

Avient Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Tuesday, March 19th were paid a $0.257 dividend. The ex-dividend date was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.26%. Avient’s dividend payout ratio (DPR) is presently 124.10%.

Wall Street Analysts Forecast Growth

AVNT has been the topic of a number of 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 note on Wednesday. Oppenheimer upped their price objective on shares of Avient from $45.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Stifel Nicolaus boosted their price target on Avient from $49.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Avient has an average rating of “Moderate Buy” and an average 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.