Avient (NYSE:AVNT – Get Rating) updated its FY22 earnings guidance on Tuesday. The company provided EPS guidance of $3.50 for the period, compared to the consensus EPS estimate of $3.48. Avient also updated its Q3 guidance to $0.80 EPS.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on AVNT shares. Jefferies Financial Group lowered their target price on Avient from $67.00 to $51.00 and set a buy rating for the company in a research note on Tuesday, June 28th. Wells Fargo & Company cut their target price on shares of Avient from $65.00 to $53.00 and set an overweight rating on the stock in a report on Thursday, July 7th.
Avient Price Performance
Shares of NYSE:AVNT opened at $43.66 on Tuesday. Avient has a 12 month low of $37.09 and a 12 month high of $61.46. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 0.82 and a beta of 1.50. The stock’s 50 day moving average price is $44.08 and its 200 day moving average price is $48.08. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.24 and a quick ratio of 0.93.
Avient (NYSE:AVNT – Get Rating) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. Avient had a net margin of 4.76% and a return on equity of 16.15%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. Equities research analysts anticipate that Avient will post 3.51 earnings per share for the current fiscal year.
Avient Announces Dividend
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The business also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 16th will be paid a dividend of $0.237 per share. This represents a $0.95 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, September 15th. Avient’s dividend payout ratio (DPR) is currently 37.40%.
Institutional Investors Weigh In On Avient
A number of institutional investors have recently modified their holdings of AVNT. American Century Companies Inc. lifted its position in Avient by 2.2% during the 1st quarter. American Century Companies Inc. now owns 10,341 shares of the company’s stock worth $496,000 after acquiring an additional 221 shares during the last quarter. US Bancorp DE increased its stake in Avient by 3.5% in the first quarter. US Bancorp DE now owns 8,862 shares of the company’s stock valued at $425,000 after acquiring an additional 297 shares during the period. Covestor Ltd increased its stake in Avient by 123.1% in the first quarter. Covestor Ltd now owns 1,187 shares of the company’s stock valued at $57,000 after acquiring an additional 655 shares during the period. Bank of Montreal Can increased its stake in Avient by 9.4% in the first quarter. Bank of Montreal Can now owns 15,146 shares of the company’s stock valued at $748,000 after acquiring an additional 1,296 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in Avient in the first quarter valued at about $110,000. Institutional investors and hedge funds own 94.62% of the company’s stock.
About Avient
Avient Corporation provides specialized formulator, services, and sustainable material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates through three segments: Color, Additives and Inks; Specialty Engineered Materials; and Distribution. The Color, Additives and Inks segment offers specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks.
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