Avient (NYSE:AVNT) Issues 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 guidance of 2.630-2.670 for the period, compared to the consensus earnings per share 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

NYSE:AVNT traded down $0.47 during trading hours on Friday, reaching $46.14. 683,143 shares of the company’s stock were exchanged, compared to its average volume of 459,080. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 36.33, a P/E/G ratio of 1.21 and a beta of 1.47. Avient has a 1-year low of $27.73 and a 1-year high of $51.51. The company has a 50-day moving average of $48.33 and a 200 day moving average of $45.68. The company has a quick ratio of 0.73, a current ratio of 0.97 and a debt-to-equity ratio of 0.61.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Avient had a net margin of 3.70% and a return on equity of 10.34%. The business had revenue of $815.20 million for the quarter, compared to analyst estimates of $797.50 million. During the same period in the previous year, the business posted $0.57 earnings per share. The business’s revenue was up 8.2% compared to the same quarter last year. Research analysts anticipate that Avient will post 2.64 EPS for the current year.

Avient Increases Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 2.34%. This is an increase from Avient’s previous quarterly dividend of $0.26. Avient’s payout ratio is currently 81.10%.

Analyst Upgrades and Downgrades

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

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.