Avery Dennison (NYSE:AVY) Issues Quarterly Earnings Results

Avery Dennison (NYSE:AVY) posted its earnings results on Tuesday. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16, RTT News reports. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the firm earned $1.92 earnings per share. The company’s 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 Trading Down 2.6 %

NYSE:AVY opened at $209.10 on Friday. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The firm’s fifty day moving average is $223.09 and its 200-day moving average is $215.77. The firm has a market cap of $16.84 billion, a P/E ratio of 30.53, a P/E/G ratio of 1.86 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.58 and a current ratio of 0.90.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Wednesday, September 4th. Avery Dennison’s dividend payout ratio is presently 51.39%.

Analyst Ratings Changes

AVY has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Stifel Nicolaus assumed coverage on shares of Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target on the stock. BMO Capital Markets cut their target price on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research note on Wednesday. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. Finally, Raymond James restated an “outperform” rating and set a $240.00 price objective (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. One equities research 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 MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and an average price target of $239.96.

Insider Buying and Selling

In other Avery Dennison news, insider Ryan D. Yost sold 584 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $221.31, for a total transaction of $129,245.04. Following the completion of the sale, the insider now directly owns 2,259 shares in the company, valued at approximately $499,939.29. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Avery Dennison news, SVP Deena Baker-Nel sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ryan D. Yost sold 584 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $221.31, for a total transaction of $129,245.04. Following the sale, the insider now directly owns 2,259 shares of the company’s stock, valued at approximately $499,939.29. The disclosure for this sale can be found here. Insiders sold 12,583 shares of company stock valued at $2,856,353 over the last quarter. 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.