Avient (NYSE:AVNT) Releases FY24 Earnings Guidance

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

Analysts Set New Price Targets

AVNT has been the subject of several recent analyst reports. Oppenheimer upped their price target on Avient from $45.00 to $49.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Wells Fargo & Company upped their target price on shares of Avient from $45.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, April 11th.

Avient Price Performance

Avient stock opened at $46.83 on Tuesday. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 56.42, a price-to-earnings-growth ratio of 0.91 and a beta of 1.53. The firm has a 50-day moving average of $42.04 and a two-hundred day moving average of $38.43. Avient has a 1 year low of $27.73 and a 1 year high of $47.00. 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 announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business had revenue of $719.00 million for the quarter, compared to the consensus estimate of $711.87 million. During the same period last year, the business posted $0.39 EPS. The business’s revenue was down 9.0% compared to the same quarter last year. On average, research analysts forecast that Avient will post 2.55 earnings per share for the current year.

Avient Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders 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 2.20%. The ex-dividend date 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.