Avery Dennison (NYSE:AVY) Releases FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of research firms have weighed in on AVY. Bank of America lowered shares of Avery Dennison from a buy rating to an underperform rating and set a $208.00 target price on the stock. in a research note on Tuesday, January 2nd. Truist Financial reaffirmed a buy rating and issued a $249.00 price objective on shares of Avery Dennison in a research note on Friday, January 19th. JPMorgan Chase & Co. raised their price target on Avery Dennison from $185.00 to $218.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Citigroup boosted 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. Finally, Robert W. Baird lifted their target price on shares of Avery Dennison from $215.00 to $230.00 and gave the stock an outperform rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $221.90.

Avery Dennison Stock Up 1.3 %

Shares of AVY traded up $2.77 during trading hours on Thursday, hitting $215.19. 185,071 shares of the company were exchanged, compared to its average volume of 437,859. The firm’s 50 day moving average is $215.34 and its 200-day moving average is $200.01. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.69 and a current ratio of 1.04. Avery Dennison has a 52 week low of $158.93 and a 52 week high of $225.26. The company has a market cap of $17.33 billion, a PE ratio of 34.61, a PEG ratio of 3.26 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 EPS for the quarter, meeting the consensus estimate of $2.16. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter last year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts forecast that Avery Dennison will post 9.26 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio is 52.17%.

Insider Buying and Selling at Avery Dennison

In related news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 2,843 shares in the company, valued at approximately $606,383.47. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Mitchell R. Butier sold 8,168 shares of the company’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 completion of the transaction, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 2,843 shares of the company’s stock, 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 over the last ninety days. 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.