Avient Co. Forecasted to Post Q2 2024 Earnings of $0.72 Per Share (NYSE:AVNT)

Avient Co. (NYSE:AVNT) – Research analysts at Seaport Res Ptn upped their Q2 2024 earnings per share estimates for Avient in a note issued to investors on Wednesday, June 26th. Seaport Res Ptn analyst M. Harrison now forecasts that the company will post earnings of $0.72 per share for the quarter, up from their previous estimate of $0.71. The consensus estimate for Avient’s current full-year earnings is $2.61 per share. Seaport Res Ptn also issued estimates for Avient’s Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $2.65 EPS and Q4 2025 earnings at $0.66 EPS.

Avient (NYSE:AVNT) last released its quarterly earnings results 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. The business had revenue of $829.00 million for the quarter, compared to the consensus estimate of $818.45 million. Avient had a return on equity of 9.79% and a net margin of 3.37%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.63 earnings per share.

A number of other research analysts also recently issued reports on the company. Oppenheimer boosted their price target on Avient from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Stifel Nicolaus boosted their target price on Avient from $49.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company raised their price target on Avient from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.20.

Avient Trading Up 1.1 %

NYSE AVNT opened at $43.65 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.42 and a debt-to-equity ratio of 0.89. Avient has a 1-year low of $27.73 and a 1-year high of $47.87. The stock has a 50-day moving average of $44.23 and a 200-day moving average of $41.31. The firm has a market cap of $3.98 billion, a PE ratio of 37.96, a price-to-earnings-growth ratio of 1.20 and a beta of 1.53.

Hedge Funds Weigh In On Avient

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Avient by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 10,368,900 shares of the company’s stock valued at $431,035,000 after acquiring an additional 34,399 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Avient by 0.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,128,934 shares of the company’s stock worth $179,196,000 after purchasing an additional 36,742 shares during the period. Franklin Resources Inc. lifted its stake in shares of Avient by 11.4% in the 4th quarter. Franklin Resources Inc. now owns 3,724,336 shares of the company’s stock worth $154,821,000 after purchasing an additional 381,610 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Avient by 12.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,438,391 shares of the company’s stock worth $142,937,000 after buying an additional 384,452 shares during the last quarter. Finally, Channing Capital Management LLC grew its position in Avient by 6.7% during the fourth quarter. Channing Capital Management LLC now owns 2,099,894 shares of the company’s stock valued at $87,293,000 after buying an additional 131,406 shares during the period. Institutional investors own 95.48% of the company’s stock.

Avient Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Friday, June 21st will be issued a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Friday, June 21st. Avient’s payout ratio is 89.57%.

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.