Avient (NYSE:AVNT) Updates Q2 Earnings Guidance

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

Wall Street Analyst Weigh In

Several research firms have recently commented on AVNT. Wells Fargo & Company lifted their price objective on shares of Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research note on Wednesday. Stifel Nicolaus lifted their price objective on shares of Avient from $49.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday. 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 investment 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, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $46.20.

Avient Stock Performance

AVNT traded up $0.51 on Thursday, reaching $45.63. The stock had a trading volume of 278,512 shares, compared to its average volume of 464,693. Avient has a 12-month low of $27.73 and a 12-month high of $47.87. The company has a current ratio of 1.82, a quick ratio of 1.37 and a debt-to-equity ratio of 0.89. The business’s 50-day moving average price is $42.27 and its two-hundred day moving average price is $38.57. The company has a market cap of $4.16 billion, a P/E ratio of 54.36, a price-to-earnings-growth ratio of 0.91 and a beta of 1.53.

Avient (NYSE:AVNT) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.07. Avient had a net margin of 2.41% and a return on equity of 9.26%. The company had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $818.45 million. During the same quarter in the previous year, the company earned $0.63 earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. Sell-side analysts forecast that Avient will post 2.55 earnings per share for the current year.

Avient Announces Dividend

The company 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 of this dividend was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a yield of 2.25%. Avient’s payout ratio is 124.10%.

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.