Avient (NYSE:AVNT) Releases FY24 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.63-2.67 for the period, compared to the consensus EPS estimate of $2.64. Avient also updated its FY 2024 guidance to 2.630-2.670 EPS.

Avient Trading Down 1.0 %

NYSE:AVNT traded down $0.47 on Friday, reaching $46.14. 683,143 shares of the stock traded hands, compared to its average volume of 455,920. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 28.48, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. The company’s 50 day moving average is $48.33 and its 200-day moving average is $45.68. The company has a current ratio of 1.63, a quick ratio of 0.73 and a debt-to-equity ratio of 0.87. Avient has a 1-year low of $27.73 and a 1-year high of $51.51.

Avient (NYSE:AVNT) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $815.20 million during the quarter, compared to analyst estimates of $797.50 million. Avient had a net margin of 4.66% and a return on equity of 10.56%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts anticipate that Avient will post 2.64 EPS for the current fiscal year.

Avient Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 13th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.34%. This is a positive change from Avient’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, December 13th. Avient’s payout ratio is currently 66.67%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVNT. Oppenheimer lifted their price objective on shares of Avient from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Wells Fargo & Company lifted their price objective on shares of Avient from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised shares of Avient from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $49.00 to $52.00 in a report on Wednesday, August 7th. Finally, Seaport Res Ptn cut shares of Avient from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.50.

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.