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

Avery Dennison (NYSE:AVY) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 9.000-9.500 for the period, compared to the consensus EPS estimate of 9.320. The company issued revenue guidance of -. Avery Dennison also updated its FY24 guidance to $9.00 to $9.50 EPS.

Avery Dennison Stock Up 0.5 %

Avery Dennison stock traded up $1.09 during midday trading on Wednesday, hitting $212.42. 776,341 shares of the stock were exchanged, compared to its average volume of 441,083. The business’s 50-day moving average price is $215.22 and its 200-day moving average price is $199.92. The company has a quick ratio of 0.69, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. Avery Dennison has a 52-week low of $158.93 and a 52-week high of $225.26. The stock has a market capitalization of $17.10 billion, a price-to-earnings ratio of 34.26, a price-to-earnings-growth ratio of 3.27 and a beta of 0.90.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, meeting analysts’ consensus estimates of $2.16. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period last year, the business earned $1.65 earnings per share. Avery Dennison’s revenue was up 4.2% compared to the same quarter last year. On average, research analysts expect that Avery Dennison will post 9.26 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio is currently 52.17%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AVY shares. StockNews.com raised shares of Avery Dennison from a hold rating to a buy rating in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $185.00 to $218.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Citigroup boosted their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a report on Thursday, April 4th. Truist Financial reaffirmed a buy rating and set a $249.00 target price on shares of Avery Dennison in a report on Friday, January 19th. Finally, Bank of America lowered shares of Avery Dennison from a buy rating to an underperform rating and set a $208.00 price target for the company. in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $221.00.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 8,168 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at approximately $69,878,414.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now directly owns 321,487 shares in the company, valued at approximately $69,878,414.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the transaction, the director now directly owns 5,018 shares in the company, valued at $1,014,940.68. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock valued at $4,217,705 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Avery Dennison Company Profile

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.