Avient (NYSE:AVNT) Issues FY 2024 Earnings Guidance

Avient (NYSE:AVNT) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.630-2.670 for the period, compared to the consensus EPS estimate of 2.640. The company issued revenue guidance of -. Avient also updated its FY24 guidance to $2.63-2.67 EPS.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Oppenheimer increased their price objective on Avient from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised Avient from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $49.00 to $52.00 in a research report on Wednesday, August 7th. Wells Fargo & Company boosted their price target on shares of Avient from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Finally, Seaport Res Ptn cut 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.50.

Avient Price Performance

Shares of NYSE:AVNT opened at $48.50 on Thursday. Avient has a 12 month low of $27.73 and a 12 month high of $51.51. The firm has a market capitalization of $4.43 billion, a P/E ratio of 38.19, a P/E/G ratio of 1.21 and a beta of 1.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73. The company’s fifty day moving average price is $48.38 and its 200 day moving average price is $45.65.

Avient (NYSE:AVNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Avient had a return on equity of 10.34% and a net margin of 3.70%. The firm had revenue of $850.00 million during the quarter, compared to analysts’ expectations of $841.40 million. The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. As a group, sell-side analysts predict that Avient will post 2.64 earnings per share for the current fiscal year.

Avient Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 13th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.23%. This is a positive change from Avient’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, December 13th. Avient’s dividend payout ratio (DPR) is 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.