Avient (NYSE:AVNT) Announces Quarterly Earnings Results

Avient (NYSE:AVNT) released its earnings results on Tuesday. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04, Briefing.com reports. The business had revenue of $850.00 million during the quarter, compared to the consensus estimate of $841.40 million. Avient had a return on equity of 9.79% and a net margin of 3.37%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share.

Avient Stock Performance

Shares of Avient stock traded up $1.55 on Thursday, reaching $44.98. 448,609 shares of the stock were exchanged, compared to its average volume of 465,664. Avient has a twelve month low of $27.73 and a twelve month high of $47.87. The business has a 50 day moving average price of $43.92 and a two-hundred day moving average price of $42.28. The company has a quick ratio of 1.42, a current ratio of 1.90 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 39.11, a PEG ratio of 1.24 and a beta of 1.47.

Avient Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Friday, September 13th will be paid a $0.2575 dividend. This represents a $1.03 annualized dividend and a dividend yield of 2.29%. This is a boost from Avient’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 13th. Avient’s dividend payout ratio (DPR) is presently 89.57%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVNT shares. Deutsche Bank Aktiengesellschaft raised shares of Avient from a “hold” rating to a “buy” rating and upped their price target for the stock from $49.00 to $52.00 in a research report on Wednesday. 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. Stifel Nicolaus raised their price target on Avient from $49.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company increased their price objective on shares of Avient from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th.

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.