Avery Dennison Co. (NYSE:AVY) Declares Dividend Increase – $0.88 Per Share

Avery Dennison Co. (NYSE:AVY) announced a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Stockholders of record on Wednesday, June 5th will be given a dividend of 0.88 per share by the industrial products company on Thursday, June 20th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81.

Avery Dennison has raised its dividend payment by an average of 10.5% per year over the last three years and has raised its dividend every year for the last 13 years. Avery Dennison has a payout ratio of 30.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Avery Dennison to earn $10.29 per share next year, which means the company should continue to be able to cover its $3.24 annual dividend with an expected future payout ratio of 31.5%.

Avery Dennison Trading Up 0.9 %

NYSE:AVY traded up $1.87 during trading hours on Friday, reaching $219.03. 489,757 shares of the stock were exchanged, compared to its average volume of 444,670. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average of $215.51 and a two-hundred day moving average of $200.13. Avery Dennison has a twelve month low of $158.93 and a twelve month high of $225.26. The company has a market capitalization of $17.64 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 3.28 and a beta of 0.90.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, hitting analysts’ consensus estimates of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that Avery Dennison will post 9.26 EPS for the current year.

Insider Activity at Avery Dennison

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 stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the transaction, the director now directly owns 5,018 shares in the company, valued at approximately $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. 1.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on AVY. Truist Financial upped their price target on Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research note on Friday. Robert W. Baird increased their price objective on Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday. UBS Group increased their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, JPMorgan Chase & Co. increased their price objective on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $224.00.

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.