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

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

Wall Street Analysts Forecast Growth

AVY has been the subject of a number of recent research reports. UBS Group lifted their price objective on Avery Dennison from $225.00 to $230.00 and gave the stock a buy rating in a research report on Thursday, January 11th. StockNews.com raised Avery Dennison from a hold rating to a buy rating in a research note on Monday. Truist Financial restated a buy rating and issued a $249.00 price target on shares of Avery Dennison in a report on Friday, January 19th. Raymond James lifted their price target on shares of Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $185.00 to $218.00 and gave the company an overweight rating in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $221.00.

Avery Dennison Stock Up 0.5 %

AVY traded up $1.09 on Wednesday, reaching $212.42. The company’s stock had a trading volume of 776,341 shares, compared to its average volume of 441,083. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.04 and a quick ratio of 0.69. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26. The business’s 50 day moving average is $215.22 and its 200 day moving average is $199.92. The stock has a market cap 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 issued its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (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 business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter in the prior year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, research analysts forecast that Avery Dennison will post 9.26 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is presently 52.17%.

Insider Buying and Selling at Avery Dennison

In other news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares in the company, valued at approximately $606,383.47. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total value 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 $69,878,414.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now directly owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. Insiders sold a total of 19,879 shares of company stock worth $4,217,705 over the last 90 days. 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.