Avient (NYSE:AVNT) Updates Q2 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.71 for the period, compared to the consensus EPS estimate of $0.69. Avient also updated its FY24 guidance to $2.50-2.65 EPS.

Avient Trading Down 0.7 %

NYSE:AVNT traded down $0.32 during trading hours on Friday, reaching $45.28. The company’s stock had a trading volume of 47,624 shares, compared to its average volume of 463,428. The firm has a 50-day simple moving average of $42.37 and a 200-day simple moving average of $38.62. Avient has a 1 year low of $27.73 and a 1 year high of $47.87. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 54.96, a PEG 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 (NYSE:AVNT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.07. The business had revenue of $829.00 million for 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 quarter last year, the firm earned $0.63 EPS. Research analysts expect that Avient will post 2.55 EPS for the current fiscal year.

Avient Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Tuesday, March 19th were issued a $0.257 dividend. The ex-dividend date was Monday, March 18th. This represents a $1.03 annualized dividend and a yield of 2.27%. Avient’s dividend payout ratio (DPR) is presently 124.10%.

Wall Street Analyst Weigh In

AVNT has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Avient from $50.00 to $52.00 and gave the company an overweight rating in a research report on Wednesday. Stifel Nicolaus lifted their price target on Avient from $49.00 to $53.00 and gave the company a buy rating in a research report on Wednesday. Finally, Oppenheimer increased their price objective on Avient from $45.00 to $49.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $46.20.

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.