Avery Dennison (NYSE:AVY) Releases Earnings Results, Beats Expectations By $0.16 EPS

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

Avery Dennison Stock Down 2.6 %

NYSE AVY traded down $5.69 during mid-day trading on Thursday, reaching $209.10. The stock had a trading volume of 784,027 shares, compared to its average volume of 449,982. The company has a fifty day moving average price of $223.40 and a 200 day moving average price of $215.82. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.58. Avery Dennison has a 1 year low of $165.21 and a 1 year high of $233.48. The stock has a market cap of $16.84 billion, a PE ratio of 31.36, a price-to-earnings-growth ratio of 1.91 and a beta of 0.88.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AVY shares. Argus increased their target price on Avery Dennison from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird raised their price objective on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. BMO Capital Markets reduced their target price on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup lifted their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $239.96.

Insiders Place Their Bets

In other news, SVP Ignacio J. Walker sold 2,206 shares of the company’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 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 the SEC website. In related news, SVP Ignacio J. Walker sold 2,206 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the sale, the senior vice president now owns 7,082 shares in the company, valued at $1,605,489.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan D. Yost sold 149 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $226.38, for a total transaction of $33,730.62. Following the sale, the insider now owns 2,110 shares of the company’s stock, valued at $477,661.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,583 shares of company stock valued at $2,856,353. 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.