Avient (NYSE:AVNT) Updates FY24 Earnings Guidance

Avient (NYSE:AVNT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.55-$2.70 for the period, compared to the consensus earnings per share estimate of $2.61. Avient also updated its FY 2024 guidance to 2.550-2.700 EPS.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVNT. Oppenheimer increased their price target on Avient from $45.00 to $49.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Wells Fargo & Company increased their price target on Avient from $50.00 to $52.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft upgraded Avient from a hold rating to a buy rating and increased their price target for the company from $49.00 to $52.00 in a research note on Wednesday. Finally, Stifel Nicolaus upped their price objective on Avient from $49.00 to $53.00 and gave the company a buy rating in a report on Wednesday, May 8th.

Avient Stock Performance

Shares of NYSE AVNT opened at $43.43 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.90 and a quick ratio of 1.42. The stock’s fifty day moving average price is $43.91 and its two-hundred day moving average price is $42.26. Avient has a one year low of $27.73 and a one year high of $47.87. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 37.77, a P/E/G ratio of 1.24 and a beta of 1.47.

Avient (NYSE:AVNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Avient had a return on equity of 9.79% and a net margin of 3.37%. The firm had revenue of $850.00 million for the quarter, compared to analyst estimates of $841.40 million. During the same period in the prior year, the firm posted $0.63 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities analysts forecast that Avient will post 2.61 EPS for the current year.

Avient Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.2575 per share. This is a positive change from Avient’s previous quarterly dividend of $0.26. This represents a $1.03 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, September 13th. Avient’s dividend payout ratio is 89.57%.

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.