Avient (NYSE:AVNT) Releases Q2 Earnings Guidance

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

Wall Street Analysts Forecast Growth

AVNT has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price target on Avient from $49.00 to $53.00 and gave the company a buy rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Avient from $50.00 to $52.00 and gave the company an overweight rating in a research report on Wednesday. Finally, Oppenheimer raised their price target 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $46.20.

Avient Stock Performance

NYSE AVNT traded down $1.20 during trading hours on Wednesday, reaching $45.12. 574,712 shares of the company were exchanged, compared to its average volume of 466,984. Avient has a 1 year low of $27.73 and a 1 year high of $47.87. The business’s 50 day simple moving average is $42.16 and its 200-day simple moving average is $38.53. The stock has a market capitalization of $4.12 billion, a P/E ratio of 54.99, a P/E/G ratio of 0.91 and a beta of 1.53. The company has a quick ratio of 1.37, a current ratio of 1.82 and a debt-to-equity ratio of 0.89.

Avient (NYSE:AVNT) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $818.45 million. During the same period last year, the firm earned $0.63 EPS. Avient’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts expect that Avient will post 2.55 earnings per share for the current year.

Avient Announces Dividend

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. The ex-dividend date was Monday, March 18th. This represents a $1.03 annualized dividend and a dividend yield of 2.28%. Avient’s 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.