Brokerages expect Avery Dennison Corp (NYSE:AVY) to announce $1.76 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Avery Dennison’s earnings, with estimates ranging from $1.75 billion to $1.77 billion. Avery Dennison also posted sales of $1.76 billion during the same quarter last year. The firm is expected to report its next quarterly earnings report on Tuesday, October 22nd.
According to Zacks, analysts expect that Avery Dennison will report full year sales of $7.10 billion for the current financial year, with estimates ranging from $7.05 billion to $7.16 billion. For the next financial year, analysts expect that the firm will post sales of $7.24 billion, with estimates ranging from $7.08 billion to $7.30 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Avery Dennison.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the company posted $1.66 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year.
A number of brokerages have issued reports on AVY. Bank of America cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 target price for the company. in a report on Friday, July 12th. Citigroup increased their target price on shares of Avery Dennison from $130.00 to $132.00 and gave the company a “buy” rating in a report on Thursday, July 11th. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison in a report on Wednesday, April 24th. Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $105.00 to $111.00 and gave the company an “underweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $120.13.
In other news, VP Lori J. Bondar sold 2,725 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $113.27, for a total value of $308,660.75. Following the sale, the vice president now directly owns 18,041 shares in the company, valued at $2,043,504.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 50,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $116.21, for a total transaction of $5,810,500.00. Following the completion of the sale, the chairman now owns 158,316 shares in the company, valued at $18,397,902.36. The disclosure for this sale can be found here. Insiders sold 75,252 shares of company stock worth $8,721,924 over the last quarter. Company insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Squar Milner Financial Services LLC boosted its position in Avery Dennison by 5.8% during the second quarter. Squar Milner Financial Services LLC now owns 1,739 shares of the industrial products company’s stock worth $201,000 after acquiring an additional 95 shares during the last quarter. Hartford Investment Management Co. boosted its position in Avery Dennison by 1.1% during the second quarter. Hartford Investment Management Co. now owns 10,239 shares of the industrial products company’s stock worth $1,184,000 after acquiring an additional 108 shares during the last quarter. ETF Managers Group LLC boosted its position in Avery Dennison by 8.9% during the first quarter. ETF Managers Group LLC now owns 1,360 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 111 shares during the last quarter. Piedmont Investment Advisors Inc. boosted its position in Avery Dennison by 1.7% during the first quarter. Piedmont Investment Advisors Inc. now owns 7,659 shares of the industrial products company’s stock worth $865,000 after acquiring an additional 126 shares during the last quarter. Finally, AGF Investments Inc. boosted its position in Avery Dennison by 6.3% during the first quarter. AGF Investments Inc. now owns 2,458 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 87.59% of the company’s stock.
Avery Dennison stock traded down $0.15 during mid-day trading on Friday, reaching $110.87. The company had a trading volume of 474,978 shares, compared to its average volume of 558,624. Avery Dennison has a 1 year low of $82.89 and a 1 year high of $120.65. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.04 and a quick ratio of 0.75. The company has a market cap of $9.35 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.05 and a beta of 1.32. The business’s 50-day simple moving average is $114.56.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.58 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.32 annualized dividend and a dividend yield of 2.09%. Avery Dennison’s dividend payout ratio is presently 38.28%.
Avery Dennison Company Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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