Avery Dennison (NYSE:AVY) Updates 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.

Avery Dennison Price Performance

Shares of NYSE AVY traded up $1.87 during mid-day trading on Friday, hitting $219.03. 556,567 shares of the company’s stock traded hands, compared to its average volume of 416,428. 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 company’s 50-day moving average is $215.71 and its two-hundred day moving average is $200.36. The company has a market capitalization of $17.64 billion, a P/E ratio of 31.97, a PEG ratio of 3.35 and a beta of 0.90. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26.

Avery Dennison (NYSE:AVY) last posted 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 firm had revenue of $2.11 billion during 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 firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 earnings per share. On average, equities analysts anticipate that Avery Dennison will post 9.26 EPS for the current fiscal year.

Avery Dennison Increases Dividend

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Truist Financial increased their price objective on Avery Dennison from $248.00 to $253.00 and gave the stock a buy rating in a report on Friday. Raymond James reissued an outperform rating and set a $240.00 price target (up previously from $225.00) on shares of Avery Dennison in a report on Thursday. Citigroup upped their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a report on Thursday, April 4th. StockNews.com upgraded Avery Dennison from a hold rating to a buy rating in a research report on Monday, April 22nd. Finally, Robert W. Baird boosted their price target on shares of Avery Dennison from $215.00 to $230.00 and gave the company an outperform rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of Moderate Buy and a consensus price target of $224.00.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction that occurred 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 directly owns 321,487 shares of the company’s stock, valued at approximately $69,878,414.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related 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 value of $1,775,396.48. Following the sale, 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 the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the business’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 transaction, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The disclosure for this sale can be found here. Insiders have sold a total of 19,879 shares of company stock valued at $4,217,705 over the last three months. 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.