Avient (NYSE:AVNT) Releases Q2 Earnings Guidance

Avient (NYSE:AVNT) issued an update on its second quarter earnings guidance on Tuesday morning. 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 Price Performance

Shares of AVNT stock opened at $46.83 on Tuesday. The company has a market capitalization of $4.27 billion, a P/E ratio of 53.55, a P/E/G ratio of 0.91 and a beta of 1.53. The company’s 50-day simple moving average is $42.04 and its two-hundred day simple moving average is $38.43. Avient has a one year low of $27.73 and a one year high of $47.00. 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 posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $719.00 million for the quarter, compared to the consensus estimate of $711.87 million. Avient had a return on equity of 9.26% and a net margin of 2.41%. The business’s revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, equities analysts anticipate that Avient will post 2.55 EPS for the current year.

Avient Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Tuesday, March 19th were issued a $0.257 dividend. The ex-dividend date was Monday, March 18th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 2.20%. Avient’s dividend payout ratio is presently 124.10%.

Wall Street Analyst Weigh In

AVNT has been the subject of several analyst reports. Oppenheimer increased their price objective 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 increased their price target on Avient from $45.00 to $50.00 and gave the company an overweight rating in a research note on Thursday, April 11th.

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.