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

Avery Dennison (NYSE:AVY) updated its FY 2024 earnings guidance on Wednesday. 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 50 day simple moving average of $217.03 and a two-hundred day simple moving average of $218.70. The stock has a market cap of $17.11 billion, a P/E ratio of 31.01, a P/E/G ratio of 1.78 and a beta of 0.88. Avery Dennison has a 12 month low of $165.21 and a 12 month high of $233.48. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

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

Avery Dennison Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently commented on AVY. BMO Capital Markets restated an “outperform” rating and set a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Truist Financial increased their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Citigroup lowered their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and increased their price objective for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $246.78.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,108 shares of company stock valued at $12,545,087. Corporate insiders own 1.10% of the company’s stock.

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.