Avery Dennison (NYSE:AVY) Releases FY 2024 Earnings Guidance

Avery Dennison (NYSE:AVY) updated its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 9.350-9.500 for the period, compared to the consensus earnings per share estimate of 9.430. The company issued revenue guidance of -.

Avery Dennison Stock Down 1.4 %

Shares of AVY stock opened at $212.45 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. Avery Dennison has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The firm has a market capitalization of $17.11 billion, a PE ratio of 31.01, a P/E/G ratio of 1.78 and a beta of 0.88. The stock’s 50-day simple moving average is $217.03 and its 200-day simple moving average is $218.70.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $1.92 EPS. Equities analysts expect that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s payout ratio is 51.39%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVY shares. BMO Capital Markets reiterated an “outperform” rating and set a $252.00 price objective (down previously from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. UBS Group lowered Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Truist Financial lifted their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Barclays started coverage on shares of Avery Dennison in a report on Monday, October 7th. They issued an “overweight” rating and a $250.00 price objective for the company. Finally, Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and raised their target price for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and an average target price of $246.78.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock worth $12,545,087 in the last three months. 1.10% of the stock is owned by corporate insiders.

About Avery Dennison

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.