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

Avery Dennison (NYSE:AVY) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 9.000-9.500 for the period, compared to the consensus estimate of 9.320. The company issued revenue guidance of -. Avery Dennison also updated its FY24 guidance to $9.00 to $9.50 EPS.

Wall Street Analyst Weigh In

Several research firms recently commented on AVY. Truist Financial reiterated a buy rating and issued a $249.00 price target on shares of Avery Dennison in a research report on Friday, January 19th. UBS Group upped their price target on shares of Avery Dennison from $225.00 to $230.00 and gave the company a buy rating in a research report on Thursday, January 11th. Citigroup upped their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a research report on Thursday, April 4th. Bank of America downgraded shares of Avery Dennison from a buy rating to an underperform rating and set a $208.00 price objective for the company. in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Avery Dennison from $185.00 to $218.00 and gave the stock an overweight rating in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $221.00.

Avery Dennison Price Performance

Shares of AVY traded up $6.80 during trading hours on Wednesday, reaching $218.13. The company had a trading volume of 88,557 shares, compared to its average volume of 432,239. The firm has a 50 day simple moving average of $215.22 and a 200-day simple moving average of $199.92. The company has a current ratio of 1.04, a quick ratio of 0.69 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $17.56 billion, a price-to-earnings ratio of 34.03, a PEG ratio of 3.27 and a beta of 0.90. Avery Dennison has a 12-month low of $158.93 and a 12-month high of $225.26.

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, meeting analysts’ consensus estimates of $2.16. The business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 EPS. Research analysts expect that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.81 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.49%. Avery Dennison’s dividend payout ratio is presently 52.17%.

Insider Activity

In related news, Director Julia A. Stewart sold 5,311 shares of the 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 directly owns 5,018 shares of the company’s stock, valued at approximately $1,014,940.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Julia A. Stewart sold 5,311 shares of the 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 directly owns 5,018 shares of the company’s stock, valued at approximately $1,014,940.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. The disclosure for this sale can be found here. Insiders sold 19,879 shares of company stock worth $4,217,705 in the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Avery Dennison Company Profile

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.