Avient (NYSE:AVNT) Issues Q2 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.71 for the period, compared to the consensus earnings per share estimate of $0.69. Avient also updated its FY24 guidance to $2.50-2.65 EPS.

Avient Stock Down 0.7 %

NYSE:AVNT traded down $0.32 on Friday, reaching $45.28. 47,624 shares of the stock traded hands, compared to its average volume of 463,428. The company’s fifty day simple moving average is $42.37 and its 200 day simple moving average is $38.62. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 54.96, a PEG ratio of 0.91 and a beta of 1.53. Avient has a 12 month low of $27.73 and a 12 month high of $47.87. The company has a current ratio of 1.82, a quick ratio of 1.37 and a debt-to-equity ratio of 0.89.

Avient (NYSE:AVNT) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.07. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business had revenue of $829.00 million for the quarter, compared to analysts’ expectations of $818.45 million. During the same period in the prior year, the firm posted $0.63 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. Equities analysts predict that Avient will post 2.55 EPS for the current fiscal year.

Avient Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Tuesday, March 19th were paid a dividend of $0.257 per share. This represents a $1.03 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Monday, March 18th. Avient’s dividend payout ratio is presently 124.10%.

Wall Street Analyst Weigh In

AVNT has been the topic of several analyst reports. Oppenheimer lifted their target price on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research report on Thursday, April 18th. Wells Fargo & Company raised their target price on shares of Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research note on Wednesday. Finally, Stifel Nicolaus upped their price target on shares of Avient from $49.00 to $53.00 and gave the stock a buy rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $46.20.

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.