Avient (NYSE:AVNT) Updates Q3 2022 Earnings Guidance

Avient (NYSE:AVNT – Get Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $0.80-$0.80 for the period, compared to the consensus EPS estimate of $0.86. The company issued revenue guidance of -. Avient also updated its FY 2022 guidance to $3.50-$3.50 EPS.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wells Fargo & Company reduced their price target on Avient from $65.00 to $53.00 and set an overweight rating for the company in a research report on Thursday, July 7th. Stifel Nicolaus reduced their price target on Avient from $76.00 to $70.00 in a research report on Wednesday, July 27th. Finally, Jefferies Financial Group reduced their price target on Avient from $67.00 to $51.00 and set a buy rating for the company in a research report on Tuesday, June 28th.

Avient Stock Up 1.0 %

Shares of NYSE AVNT traded up $0.42 during trading hours on Friday, hitting $43.55. The company had a trading volume of 424,808 shares, compared to its average volume of 346,468. The stock has a market capitalization of $3.96 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.82 and a beta of 1.47. The company has a quick ratio of 0.97, a current ratio of 1.29 and a debt-to-equity ratio of 0.68. Avient has a 1-year low of $37.09 and a 1-year high of $61.46. The firm’s 50 day moving average is $43.19 and its 200-day moving average is $47.42.

Avient (NYSE:AVNT – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.92 by $0.05. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.31 billion. Avient had a return on equity of 16.57% and a net margin of 5.01%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, analysts expect that Avient will post 3.5 earnings per share for the current fiscal year.

Avient Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 16th will be paid a $0.237 dividend. This represents a $0.95 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Thursday, September 15th. Avient’s dividend payout ratio (DPR) is presently 34.93%.

Institutional Investors Weigh In On Avient

Large investors have recently added to or reduced their stakes in the business. Covestor Ltd increased its position in Avient by 123.1% during the 1st quarter. Covestor Ltd now owns 1,187 shares of the company’s stock worth $57,000 after buying an additional 655 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new position in Avient during the 1st quarter worth $110,000. Bridgefront Capital LLC bought a new position in shares of Avient in the first quarter worth $261,000. Keeley Teton Advisors LLC bought a new position in shares of Avient in the first quarter worth $418,000. Finally, US Bancorp DE increased its position in shares of Avient by 3.5% in the first quarter. US Bancorp DE now owns 8,862 shares of the company’s stock worth $425,000 after purchasing an additional 297 shares during the period. Institutional investors own 94.62% of the company’s stock.

About Avient

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Avient Corporation provides specialized formulator, services, and sustainable material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates through three segments: Color, Additives and Inks; Specialty Engineered Materials; and Distribution. The Color, Additives and Inks segment offers specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks.