Avery Dennison Co. (NYSE:AVY) Increases Dividend to $0.88 Per Share

Avery Dennison Co. (NYSE:AVY) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Investors of record on Wednesday, June 5th will be given a dividend of 0.88 per share by the industrial products company on Thursday, June 20th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81.

Avery Dennison has increased its dividend payment by an average of 10.5% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Avery Dennison has a dividend payout ratio of 30.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Avery Dennison to earn $10.28 per share next year, which means the company should continue to be able to cover its $3.24 annual dividend with an expected future payout ratio of 31.5%.

Avery Dennison Trading Up 0.9 %

Avery Dennison stock opened at $219.02 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. Avery Dennison has a 52 week low of $158.93 and a 52 week high of $225.26. The company has a market capitalization of $17.64 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 3.35 and a beta of 0.90. The stock has a 50-day moving average price of $215.71 and a 200 day moving average price of $200.36.

Avery Dennison (NYSE:AVY) last announced 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. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the company posted $1.65 earnings per share. Avery Dennison’s revenue for the quarter was up 4.2% on a year-over-year basis. Sell-side analysts anticipate that Avery Dennison will post 9.26 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Truist Financial upped their target price on Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group upped their target price on Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Raymond James reaffirmed an “outperform” rating and set a $240.00 target price (up from $225.00) on shares of Avery Dennison in a research note on Thursday. Bank of America downgraded Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price for the company. in a research note on Tuesday, January 2nd. Finally, Robert W. Baird boosted their price target on Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $224.00.

Insider Buying and Selling at Avery Dennison

In other news, Director Julia A. Stewart sold 5,311 shares of the 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 directly owns 5,018 shares in the company, valued at approximately $1,014,940.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the transaction, the senior vice president now directly owns 6,102 shares in the company, valued at approximately $1,305,217.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction dated 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 in the company, valued at approximately $1,014,940.68. The disclosure for this sale can be found here. Insiders sold a total of 19,879 shares of company stock worth $4,217,705 in the last three months. 1.10% of the stock is owned by corporate insiders.

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.