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

Avient (NYSE:AVNT - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02, Briefing.com reports. Avient had a return on equity of 10.34% and a net margin of 3.70%. The firm had revenue of $815.20 million during the quarter, compared to analysts' expectations of $797.50 million. During the same period in the previous year, the firm earned $0.57 EPS. The company's quarterly revenue was up 8.2% compared to the same quarter last year.

Avient Price Performance

Shares of NYSE AVNT traded down $0.46 during mid-day trading on Friday, hitting $46.15. 683,143 shares of the stock traded hands, compared to its average volume of 459,080. The company has a market cap of $4.21 billion, a PE ratio of 36.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.47. Avient has a twelve month low of $27.73 and a twelve month high of $51.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.97 and a quick ratio of 0.73. The firm has a 50 day simple moving average of $48.33 and a two-hundred day simple moving average of $45.68.

Avient Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, December 13th. This is an increase from Avient's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 2.34%. Avient's dividend payout ratio is 81.10%.

Analysts Set New Price Targets

Several equities analysts have commented on AVNT shares. Deutsche Bank Aktiengesellschaft raised shares of Avient from a "hold" rating to a "buy" rating and raised their target price for the company from $49.00 to $52.00 in a report on Wednesday, August 7th. Oppenheimer boosted their price objective on shares of Avient from $53.00 to $58.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Seaport Res Ptn cut Avient from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company lifted their price target on Avient from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Avient currently has a consensus rating of "Moderate Buy" and a consensus 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.