Avient (NYSE:AVNT) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Avient (NYSE:AVNT) announced its quarterly earnings results on Tuesday. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.07, Briefing.com reports. Avient had a net margin of 2.41% and a return on equity of 9.26%. The business had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $818.45 million. During the same quarter in the prior year, the company posted $0.63 EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. Avient updated its Q2 guidance to $0.71 EPS and its FY24 guidance to $2.50-2.65 EPS.

Avient Stock Down 2.4 %

AVNT stock traded down $1.11 on Wednesday, reaching $45.21. 150,959 shares of the company traded hands, compared to its average volume of 462,122. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.82 and a quick ratio of 1.37. The firm has a fifty day simple moving average of $42.16 and a 200-day simple moving average of $38.53. Avient has a one year low of $27.73 and a one year high of $47.87. The company has a market cap of $4.13 billion, a P/E ratio of 54.99, a price-to-earnings-growth ratio of 0.91 and a beta of 1.53.

Avient Announces Dividend

The business also recently declared 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 of this dividend was Monday, March 18th. This represents a $1.03 annualized dividend and a dividend yield of 2.27%. Avient’s payout ratio is currently 124.10%.

Analysts Set New Price Targets

Several research firms have weighed in on AVNT. Oppenheimer increased their price objective on Avient from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Stifel Nicolaus upped their target price on Avient from $49.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company raised their target price on Avient from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.