Avient (NYSE:AVNT) Releases FY24 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.50-2.65 for the period, compared to the consensus estimate of $2.54. Avient also updated its Q2 guidance to $0.71 EPS.

Avient Stock Performance

Shares of AVNT stock traded up $2.12 on Tuesday, hitting $46.57. The company’s stock had a trading volume of 546,333 shares, compared to its average volume of 461,574. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.37 and a current ratio of 1.82. The stock’s 50 day moving average is $42.04 and its 200-day moving average is $38.43. Avient has a fifty-two week low of $27.73 and a fifty-two week high of $47.87. The company has a market capitalization of $4.25 billion, a PE ratio of 55.87, a PEG ratio of 0.91 and a beta of 1.53.

Avient (NYSE:AVNT) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. Avient had a net margin of 2.41% and a return on equity of 9.26%. The business had revenue of $719.00 million during the quarter, compared to analysts’ expectations of $711.87 million. During the same quarter in the prior year, the business posted $0.39 earnings per share. Avient’s revenue was down 9.0% compared to the same quarter last year. Equities research analysts expect that Avient will post 2.55 earnings per share for the current fiscal year.

Avient Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Tuesday, March 19th were given a dividend of $0.257 per share. The ex-dividend date of this dividend was Monday, March 18th. This represents a $1.03 annualized dividend and a yield of 2.21%. Avient’s dividend payout ratio is 124.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Oppenheimer upped their price objective on shares of Avient from $45.00 to $49.00 and gave the stock an outperform rating in a research report on Thursday, April 18th. Wells Fargo & Company upped their price objective on shares of Avient from $45.00 to $50.00 and gave the stock an overweight rating in a research report on Thursday, April 11th.

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.