Avient (NYSE:AVNT) Releases FY24 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.63-2.67 for the period, compared to the consensus estimate of $2.64. Avient also updated its FY 2024 guidance to 2.630-2.670 EPS.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVNT. Oppenheimer increased their price objective on Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Wells Fargo & Company increased 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. Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a “hold” rating to a “buy” rating and increased their target price for the stock from $49.00 to $52.00 in a research note on Wednesday, August 7th. Finally, Seaport Res Ptn lowered Avient from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Avient currently has an average rating of “Moderate Buy” and a consensus target price of $54.50.

Avient Price Performance

Shares of Avient stock traded down $0.49 during trading on Thursday, hitting $48.03. 329,790 shares of the stock traded hands, compared to its average volume of 454,823. The firm’s fifty day moving average is $48.38 and its 200-day moving average is $45.65. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 37.82, a PEG ratio of 1.21 and a beta of 1.47. Avient has a 52 week low of $27.73 and a 52 week high of $51.51. 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 earnings results on Tuesday, August 6th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. The company had revenue of $850.00 million for the quarter, compared to the consensus estimate of $841.40 million. Avient had a net margin of 3.70% and a return on equity of 10.34%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. Research analysts expect that Avient will post 2.64 EPS for the current fiscal year.

Avient Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Avient’s previous quarterly dividend of $0.26. Avient’s dividend payout ratio (DPR) is presently 85.04%.

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.