Avient (NYSE:AVNT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Avient (NYSE:AVNT) announced its quarterly earnings data on Thursday. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02, Briefing.com reports. Avient had a return on equity of 10.56% and a net margin of 4.66%. The company had revenue of $815.20 million for the quarter, compared to the consensus estimate of $797.50 million. During the same period in the previous year, the business earned $0.57 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year.

Avient Stock Down 1.0 %

Shares of NYSE AVNT opened at $46.14 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 0.73. The company has a 50-day moving average price of $48.33 and a 200-day moving average price of $45.68. The stock has a market capitalization of $4.21 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.16 and a beta of 1.48. Avient has a 1 year low of $27.73 and a 1 year high of $51.51.

Avient Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. This is an increase from Avient’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.08 annualized dividend and a yield of 2.34%. Avient’s dividend payout ratio is presently 66.67%.

Analyst Ratings Changes

Several equities analysts have issued reports on AVNT shares. Seaport Res Ptn lowered Avient from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Avient from a “hold” rating to a “buy” rating and boosted their target price for the company from $49.00 to $52.00 in a research report on Wednesday, August 7th. Oppenheimer raised their price target on shares of Avient from $53.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company increased their price objective on shares of Avient from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Avient has an average rating of “Moderate Buy” and an average target price of $54.50.

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.