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

Avery Dennison (NYSE:AVY) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 9.350-9.500 for the period, compared to the consensus EPS estimate of 9.430. The company issued revenue guidance of -.

Avery Dennison Stock Up 1.1 %

AVY stock opened at $207.25 on Friday. The business’s 50-day moving average price is $216.73 and its 200-day moving average price is $218.45. The stock has a market cap of $16.69 billion, a P/E ratio of 30.26, a PEG ratio of 1.78 and a beta of 0.88. Avery Dennison has a twelve month low of $165.21 and a twelve month high of $233.48. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company posted $2.10 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Avery Dennison will post 9.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday. 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. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $230.00 to $210.00 in a report on Thursday. Truist Financial lifted their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Barclays initiated coverage on shares of Avery Dennison in a report on Monday, October 7th. They set an “overweight” rating and a $250.00 price objective for the company. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Avery Dennison presently has a consensus rating of “Moderate Buy” and an average price target of $245.42.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the transaction, the chairman now owns 304,114 shares in the company, valued at $64,745,870.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now 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. Insiders have sold 59,108 shares of company stock valued at $12,545,087 over the last ninety days. 1.10% of the stock is owned by insiders.

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.