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 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.

Avery Dennison Stock Performance

Shares of AVY stock traded up $1.09 during trading on Wednesday, reaching $212.42. 776,341 shares of the company’s stock traded hands, compared to its average volume of 440,939. The company has a current ratio of 1.04, a quick ratio of 0.69 and a debt-to-equity ratio of 1.23. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26. The company has a market capitalization of $17.10 billion, a P/E ratio of 34.26, a PEG ratio of 3.27 and a beta of 0.90. The firm’s 50-day moving average is $215.22 and its 200 day moving average is $199.92.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. Avery Dennison’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.65 EPS. Equities research analysts expect that Avery Dennison will post 9.26 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio is 52.17%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AVY shares. StockNews.com raised Avery Dennison from a hold rating to a buy rating in a report on Monday. Bank of America lowered shares of 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. Citigroup lifted their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a research report on Thursday, April 4th. Raymond James raised their price target on Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison from $185.00 to $218.00 and gave the company an overweight rating in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $221.00.

Insider Buying and Selling

In other news, insider Ryan D. Yost sold 1,400 shares of the company’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 completion of the transaction, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 value of $1,775,396.48. Following 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 legal filing with the SEC, which is available at the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction on Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,879 shares of company stock valued at $4,217,705. 1.10% of the stock is owned by company insiders.

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.