Avient (NYSE:AVNT) Updates 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 (EPS) guidance of 2.630-2.670 for the period, compared to the consensus estimate of 2.640. The company issued revenue guidance of -. Avient also updated its FY24 guidance to $2.63-2.67 EPS.

Avient Stock Performance

Avient stock opened at $46.14 on Friday. Avient has a 52 week low of $27.73 and a 52 week high of $51.51. The company has a current ratio of 1.63, a quick ratio of 0.73 and a debt-to-equity ratio of 0.87. The stock has a market cap of $4.21 billion, a P/E ratio of 28.48, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. The stock has a 50 day moving average of $48.33 and a 200-day moving average of $45.68.

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

Avient Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders 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 yield of 2.34%. The ex-dividend date is Friday, December 13th. This is an increase from Avient’s previous quarterly dividend of $0.26. Avient’s dividend payout ratio (DPR) is currently 66.67%.

Analyst Ratings Changes

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

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.