Avient (NYSE:AVNT) Issues FY24 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.55-$2.70 for the period, compared to the consensus estimate of $2.61. Avient also updated its FY 2024 guidance to 2.550-2.700 EPS.

Avient Stock Performance

AVNT traded down $1.27 during midday trading on Wednesday, reaching $43.60. The company’s stock had a trading volume of 406,164 shares, compared to its average volume of 463,603. Avient has a twelve month low of $27.73 and a twelve month high of $47.87. The company has a current ratio of 1.90, a quick ratio of 1.42 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $43.91 and a 200 day simple moving average of $42.25. The stock has a market cap of $3.98 billion, a P/E ratio of 39.02, a PEG ratio of 1.24 and a beta of 1.47.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. Avient had a return on equity of 9.79% and a net margin of 3.37%. The firm had revenue of $850.00 million during the quarter, compared to analysts’ expectations of $841.40 million. During the same period in the prior year, the firm posted $0.63 earnings per share. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. Research analysts expect that Avient will post 2.61 earnings per share for the current year.

Avient Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Friday, September 13th will be issued a $0.2575 dividend. The ex-dividend date is Friday, September 13th. This is an increase from Avient’s previous quarterly dividend of $0.26. This represents a $1.03 annualized dividend and a yield of 2.36%. Avient’s dividend payout ratio (DPR) is 89.57%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. Oppenheimer boosted 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. Stifel Nicolaus raised their target price on Avient from $49.00 to $53.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a hold rating to a buy rating and raised their target price for the stock from $49.00 to $52.00 in a research note on Wednesday.

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.