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 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.

Analysts Set New Price Targets

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

Avery Dennison Trading Up 0.5 %

AVY stock traded up $1.09 during midday trading on Wednesday, hitting $212.42. 776,341 shares of the company’s stock were exchanged, compared to its average volume of 440,939. Avery Dennison has a one year low of $158.93 and a one year high of $225.26. The stock’s fifty day moving average price is $215.22 and its 200-day moving average price is $199.92. The company has a market cap of $17.10 billion, a PE ratio of 34.26, a price-to-earnings-growth ratio of 3.27 and a beta of 0.90. 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 (NYSE:AVY) last posted its quarterly earnings data 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. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the company earned $1.65 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. Research analysts predict that Avery Dennison will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 52.17%.

Insider Buying and Selling

In other news, Director Julia A. Stewart sold 5,311 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total transaction of $1,074,202.86. Following the completion of the transaction, the director now owns 5,018 shares of the company’s stock, valued at approximately $1,014,940.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,879 shares of company stock worth $4,217,705. Company 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.