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

Avery Dennison (NYSE:AVY) issued its quarterly earnings results on Tuesday. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the business earned $1.92 earnings per share. The firm’s revenue for the quarter 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 Price Performance

AVY stock opened at $209.10 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.58. The firm has a market capitalization 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 business’s 50-day moving average is $223.09 and its two-hundred day moving average is $215.77. Avery Dennison has a 1 year low of $165.21 and a 1 year high of $233.48.

Avery Dennison Dividend Announcement

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

Insider Buying and Selling at Avery Dennison

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 value of $129,245.04. Following the sale, the insider now owns 2,259 shares of the company’s stock, valued at approximately $499,939.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $129,245.04. Following the sale, the insider now owns 2,259 shares of the company’s stock, valued at approximately $499,939.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Ignacio J. Walker sold 2,206 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the sale, the senior vice president now directly owns 7,082 shares in the company, valued at approximately $1,605,489.40. The disclosure for this sale can be found here. Insiders have sold 12,583 shares of company stock valued at $2,856,353 in the last quarter. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on AVY. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $262.00 to $235.00 in a research report on Thursday. Robert W. Baird upped their target price on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Stifel Nicolaus assumed coverage on Avery Dennison in a report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price for the company. BMO Capital Markets dropped their target price on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price 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.