Avient (NYSE:AVNT) Releases FY 2024 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.630-2.670 for the period, compared to the consensus earnings per share estimate of 2.640. The company issued revenue guidance of -. Avient also updated its FY24 guidance to $2.63-2.67 EPS.

Wall Street Analyst Weigh In

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

Avient Stock Down 1.0 %

Shares of NYSE:AVNT traded down $0.47 during trading on Friday, reaching $46.14. 683,143 shares of the company traded hands, compared to its average volume of 459,080. The company has a quick ratio of 0.73, a current ratio of 0.97 and a debt-to-equity ratio of 0.61. Avient has a 1-year low of $27.73 and a 1-year high of $51.51. The firm has a fifty day simple moving average of $48.33 and a 200 day simple moving average of $45.68. The firm has a market cap of $4.21 billion, a P/E ratio of 36.33, a price-to-earnings-growth ratio of 1.21 and a beta of 1.47.

Avient (NYSE:AVNT) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $815.20 million during the quarter, compared to analysts’ expectations of $797.50 million. Avient had a net margin of 3.70% and a return on equity of 10.34%. Avient’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 earnings per share. Analysts anticipate that Avient will post 2.64 earnings per share for the current fiscal year.

Avient Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.34%. This is an increase from Avient’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, December 13th. Avient’s dividend payout ratio (DPR) is presently 81.10%.

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.