Avery Dennison (NYSE:AVY) Issues FY24 Earnings Guidance

Avery Dennison (NYSE:AVY) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $9.00 to $9.50 for the period, compared to the consensus estimate of $9.34. Avery Dennison also updated its FY 2024 guidance to 9.000-9.500 EPS.

Avery Dennison Stock Up 0.9 %

Shares of Avery Dennison stock opened at $219.02 on Friday. Avery Dennison has a one year low of $158.93 and a one year high of $225.26. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.69. The stock’s 50-day moving average is $215.71 and its 200 day moving average is $200.36. The firm has a market cap of $17.64 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 3.35 and a beta of 0.90.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.16. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. Equities research analysts anticipate that Avery Dennison will post 9.26 EPS for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 annualized dividend and a dividend yield of 1.61%. Avery Dennison’s dividend payout ratio is 47.30%.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of research analyst reports. Robert W. Baird increased their price target on Avery Dennison from $215.00 to $230.00 and gave the company an outperform rating in a research report on Thursday. Bank of America lowered Avery Dennison from a buy rating to an underperform rating and set a $208.00 price objective for the company. in a report on Tuesday, January 2nd. Raymond James reissued an outperform rating and set a $240.00 price objective (up from $225.00) on shares of Avery Dennison in a report on Thursday. UBS Group increased their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a buy rating in a report on Thursday, January 11th. Finally, JPMorgan Chase & Co. increased their price objective on Avery Dennison from $218.00 to $220.00 and gave the company an overweight rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $224.00.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the sale, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the sale, the director now owns 5,018 shares in the company, valued at approximately $1,014,940.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,879 shares of company stock valued at $4,217,705. Company 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.