Avient (NYSE:AVNT) Issues 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.

Wall Street Analyst Weigh In

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

Avient Stock Performance

AVNT stock traded down $0.47 during mid-day trading on Friday, hitting $46.14. The company had a trading volume of 683,143 shares, compared to its average volume of 455,920. Avient has a 12 month low of $27.73 and a 12 month high of $51.51. The stock’s fifty day moving average price is $48.33 and its two-hundred day moving average price is $45.68. The firm has a market cap of $4.21 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.73 and a current ratio of 1.63.

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. Avient had a return on equity of 10.56% and a net margin of 4.66%. The business had revenue of $815.20 million for the quarter, compared to the consensus estimate of $797.50 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Avient’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts forecast that Avient will post 2.64 earnings per share for the current fiscal year.

Avient Increases Dividend

The company 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 is a boost from Avient’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, December 13th. Avient’s payout ratio is currently 66.67%.

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.