Avient (NYSE:AVNT) Updates Q2 Earnings Guidance

Avient (NYSE:AVNT) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.71 for the period, compared to the consensus EPS estimate of $0.69. Avient also updated its FY24 guidance to $2.50-2.65 EPS.

Avient Stock Performance

Shares of Avient stock traded down $1.20 during trading on Wednesday, reaching $45.12. The company’s stock had a trading volume of 574,712 shares, compared to its average volume of 466,984. The company has a current ratio of 1.82, a quick ratio of 1.37 and a debt-to-equity ratio of 0.89. The firm has a market cap of $4.12 billion, a PE ratio of 54.99, a P/E/G ratio of 0.91 and a beta of 1.53. Avient has a fifty-two week low of $27.73 and a fifty-two week high of $47.87. The company has a 50-day moving average price of $42.16 and a two-hundred day moving average price of $38.53.

Avient (NYSE:AVNT) last released its earnings results on Tuesday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.69 by $0.07. The company had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $818.45 million. Avient had a net margin of 2.41% and a return on equity of 9.26%. The business’s revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the business earned $0.63 EPS. On average, analysts forecast that Avient will post 2.55 EPS for the current year.

Avient Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Tuesday, March 19th were paid a $0.257 dividend. The ex-dividend date was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a yield of 2.28%. Avient’s payout ratio is 124.10%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Oppenheimer increased their target price on Avient from $45.00 to $49.00 and gave the company an outperform rating in a report on Thursday, April 18th. Wells Fargo & Company lifted their price objective on Avient from $50.00 to $52.00 and gave the stock an overweight rating in a research report on Wednesday. Finally, Stifel Nicolaus raised their price target on shares of Avient from $49.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $46.20.

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.