Avery Dennison (NYSE:AVY) Posts Earnings Results, Beats Estimates By $0.01 EPS

Avery Dennison (NYSE:AVY) released its quarterly earnings data on Wednesday. The industrial products company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01, Briefing.com reports. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $2.10 EPS. Avery Dennison updated its FY 2024 guidance to 9.350-9.500 EPS.

Avery Dennison Price Performance

Shares of AVY traded down $0.01 during mid-day trading on Friday, hitting $204.95. 38,952 shares of the company traded hands, compared to its average volume of 462,162. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 1.78 and a beta of 0.88. The business has a 50-day moving average of $216.85 and a 200 day moving average of $218.53. Avery Dennison has a one year low of $165.21 and a one year high of $233.48.

Wall Street Analyst Weigh In

AVY has been the subject of a number of analyst reports. StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday. Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price for the company. Barclays assumed coverage on Avery Dennison in a research report on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target on the stock. Citigroup cut their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Finally, Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $245.42.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $64,745,870.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,108 shares of company stock worth $12,545,087 in the last quarter. 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.