Avery Dennison (NYSE:AVY) Announces Earnings Results, Beats Expectations By $0.16 EPS

Avery Dennison (NYSE:AVY) issued its quarterly earnings data on Tuesday. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16, RTT News reports. Avery Dennison had a net margin of 7.34% and a return on equity of 34.05%. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period last year, the company posted $1.92 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Avery Dennison updated its FY 2024 guidance to 9.300-9.500 EPS.

Avery Dennison Price Performance

NYSE AVY opened at $214.79 on Thursday. The company has a market cap of $17.30 billion, a PE ratio of 31.36, a P/E/G ratio of 1.91 and a beta of 0.88. Avery Dennison has a 52-week low of $165.21 and a 52-week high of $233.48. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. The firm’s 50 day moving average price is $223.40 and its 200-day moving average price is $215.82.

Analyst Ratings Changes

Several research analysts recently commented on the company. BMO Capital Markets dropped their price target on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research report on Wednesday. Robert W. Baird increased their price target on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their target price for the company from $262.00 to $235.00 in a research note on Thursday. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Finally, Argus increased their price target on Avery Dennison from $240.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $239.96.

Insider Buying and Selling

In other news, CFO Gregory Lovins sold 2,894 shares of Avery Dennison stock in a transaction on Friday, May 10th. The stock was sold at an average price of $227.20, for a total value of $657,516.80. Following the transaction, the chief financial officer now directly owns 67,457 shares in the company, valued at approximately $15,326,230.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Gregory Lovins sold 2,894 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $227.20, for a total value of $657,516.80. Following the sale, the chief financial officer now directly owns 67,457 shares in the company, valued at approximately $15,326,230.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Deena Baker-Nel sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total transaction of $684,510.00. Following the transaction, the senior vice president now owns 1,577 shares of the company’s stock, valued at approximately $359,824.09. The disclosure for this sale can be found here. Insiders sold 12,583 shares of company stock valued at $2,856,353 over the last 90 days. Corporate 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.