Avient (NYSE:AVNT) Issues FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Avient from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised shares of Avient from a “hold” rating to a “buy” rating and increased their price objective for the company from $49.00 to $52.00 in a report on Wednesday, August 7th. Oppenheimer boosted their target price on shares of Avient from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Seaport Res Ptn downgraded shares of Avient from a “strong-buy” rating to a “hold” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Avient currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

Avient Price Performance

Shares of AVNT stock traded down $0.47 on Friday, reaching $46.14. The company’s stock had a trading volume of 683,143 shares, compared to its average volume of 455,920. The company 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 stock’s fifty day simple moving average is $48.33 and its 200-day simple 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 issued its quarterly earnings data on Thursday, October 31st. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Avient had a net margin of 4.66% and a return on equity of 10.56%. The business had revenue of $815.20 million during the quarter, compared to analysts’ expectations of $797.50 million. During the same period last year, the company posted $0.57 EPS. The business’s revenue was up 8.2% on a year-over-year basis. Analysts forecast that Avient will post 2.64 earnings per share for the current fiscal year.

Avient Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend 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 dividend payout ratio (DPR) is presently 66.67%.

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.