Avery Dennison (NYSE:AVY) Releases 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 Price Performance

NYSE AVY traded up $1.72 on Friday, hitting $218.88. The stock had a trading volume of 180,338 shares, compared to its average volume of 440,730. Avery Dennison has a 52-week low of $158.93 and a 52-week high of $225.26. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.69 and a current ratio of 0.87. The firm has a 50-day moving average of $215.51 and a 200-day moving average of $200.13. The company has a market capitalization of $17.62 billion, a price-to-earnings ratio of 31.85, a price-to-earnings-growth ratio of 3.28 and a beta of 0.90.

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

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a $0.81 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 annualized dividend and a dividend yield of 1.48%. Avery Dennison’s dividend payout ratio is presently 47.30%.

Analyst Ratings Changes

Several equities analysts recently issued reports on AVY shares. StockNews.com upgraded Avery Dennison from a hold rating to a buy rating in a report on Monday. Truist Financial upped their price objective on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a buy rating in a research report on Friday. Citigroup raised their target price on Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a research report on Thursday, April 4th. UBS Group boosted their price target on Avery Dennison from $225.00 to $230.00 and gave the stock a buy rating in a report on Thursday, January 11th. Finally, Robert W. Baird boosted their target price on Avery Dennison from $215.00 to $230.00 and gave the company an outperform rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Avery Dennison has an average rating of Moderate Buy and a consensus price target of $224.00.

Insider Buying and Selling at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total transaction of $1,074,202.86. Following the transaction, the director now owns 5,018 shares in the company, valued at $1,014,940.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Avery Dennison news, Director Julia A. Stewart sold 5,311 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction on Monday, March 4th. The shares were 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 owns 321,487 shares in the company, valued at $69,878,414.32. The disclosure for this sale can be found here. In the last three months, insiders sold 19,879 shares of company stock worth $4,217,705. Insiders own 1.10% of the company’s stock.

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.