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 research analysts have recently commented on AVNT shares. Seaport Res Ptn lowered shares of Avient from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft upgraded Avient from a “hold” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $52.00 in a research report on Wednesday, August 7th. Oppenheimer raised 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. Finally, Wells Fargo & Company boosted their price objective on Avient from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.50.

Avient Price Performance

NYSE AVNT traded down $0.47 during trading hours on Friday, reaching $46.14. 683,143 shares of the stock traded hands, compared to its average volume of 455,920. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 0.73. The stock has a 50 day simple moving average of $48.33 and a two-hundred day simple moving average of $45.68. Avient has a 1 year low of $27.73 and a 1 year high of $51.51. The company has a market cap 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.

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

Avient Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 13th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, December 13th. 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. Avient’s dividend payout ratio (DPR) 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.