Avery Dennison (NYSE:AVY) Announces Earnings Results

Avery Dennison (NYSE:AVY) announced its quarterly earnings data on Tuesday. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16, RTT News reports. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 34.05%. Avery Dennison’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.92 EPS. Avery Dennison updated its FY 2024 guidance to 9.300-9.500 EPS.

Avery Dennison Price Performance

AVY opened at $214.79 on Thursday. The company’s 50 day simple moving average is $223.40 and its 200 day simple moving average is $215.82. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. Avery Dennison has a 1 year low of $165.21 and a 1 year high of $233.48. The stock has a market capitalization of $17.30 billion, a PE ratio of 31.36, a P/E/G ratio of 1.91 and a beta of 0.88.

Insider Buying and Selling

In other Avery Dennison news, SVP Ignacio J. Walker sold 2,206 shares of Avery Dennison stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $226.70, for a total transaction of $500,100.20. Following the transaction, the senior vice president now directly owns 7,082 shares of the company’s stock, valued at $1,605,489.40. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Deena Baker-Nel sold 3,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $228.17, for a total transaction of $684,510.00. Following the transaction, the senior vice president now directly owns 1,577 shares of the company’s stock, valued at $359,824.09. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Ignacio J. Walker sold 2,206 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $226.70, for a total transaction of $500,100.20. Following the transaction, the senior vice president now directly owns 7,082 shares in the company, valued at $1,605,489.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,583 shares of company stock valued at $2,856,353. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AVY shares. Raymond James reaffirmed an “outperform” rating and set a $240.00 price target (up from $225.00) on shares of Avery Dennison in a research note on Thursday, April 25th. Robert W. Baird raised their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Argus raised their target price on shares of Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $262.00 to $235.00 in a report on Thursday. Finally, BMO Capital Markets lowered their price target on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $239.96.

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.