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

Avient (NYSE:AVNT) posted its earnings results on Tuesday. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $829.00 million for the quarter, compared to analyst estimates of $818.45 million. During the same quarter in the prior year, the business posted $0.63 EPS. The firm’s revenue 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 2.6 %

Avient stock opened at $45.12 on Thursday. Avient has a twelve month low of $27.73 and a twelve month high of $47.87. The firm has a 50 day moving average price of $42.27 and a 200-day moving average price of $38.57. The company has a market capitalization of $4.12 billion, a P/E ratio of 54.36, a P/E/G ratio of 0.91 and a beta of 1.53. The company has a quick ratio of 1.37, a current ratio of 1.82 and a debt-to-equity ratio of 0.89.

Avient Announces Dividend

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

Analysts Set New Price Targets

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

Avient Company Profile

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.