Avient (NYSE:AVNT) Updates 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 Price Performance

Avient stock traded up $2.12 during midday trading on Tuesday, reaching $46.57. The company had a trading volume of 546,333 shares, compared to its average volume of 461,574. The company has a market capitalization of $4.25 billion, a P/E ratio of 55.87, a P/E/G 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 firm’s fifty day simple moving average is $42.04 and its 200-day simple moving average is $38.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37.

Avient (NYSE:AVNT) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. Avient had a net margin of 2.41% and a return on equity of 9.26%. The firm had revenue of $719.00 million for the quarter, compared to analyst estimates of $711.87 million. During the same period last year, the company posted $0.39 EPS. Avient’s quarterly revenue was down 9.0% compared to the same quarter last year. As a group, equities analysts anticipate that Avient will post 2.55 EPS for the current year.

Avient Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Tuesday, March 19th were paid a $0.257 dividend. This represents a $1.03 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Monday, March 18th. Avient’s dividend payout ratio (DPR) is 124.10%.

Analysts Set New Price Targets

Several research firms have recently commented on AVNT. Wells Fargo & Company lifted their price target on shares of Avient from $45.00 to $50.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Oppenheimer lifted their price target on shares of Avient from $45.00 to $49.00 and gave the company an outperform rating in a research report on Thursday, April 18th.

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.