Avery Dennison (NYSE:AVY) Issues Earnings Results

by · The Cerbat Gem

Avery Dennison (NYSE:AVY – Get Free Report) released its quarterly earnings data on Wednesday. The industrial products company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.32 by $0.01, Briefing.com reports. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the company posted $2.10 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. Avery Dennison updated its FY 2024 guidance to 9.350-9.500 EPS.

Avery Dennison Trading Up 1.1 %

Shares of AVY traded up $2.20 during mid-day trading on Friday, reaching $207.16. The company’s stock had a trading volume of 797,830 shares, compared to its average volume of 465,828. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The stock has a market cap of $16.69 billion, a PE ratio of 30.26, a P/E/G ratio of 1.78 and a beta of 0.88. The company’s fifty day moving average price is $216.73 and its two-hundred day moving average price is $218.45. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is currently 51.39%.

Analyst Ratings Changes

Several equities research analysts have recently commented on AVY shares. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and decreased their price target for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and increased their price target for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. Barclays assumed coverage on shares of Avery Dennison in a research report on Monday, October 7th. They issued an “overweight” rating and a $250.00 price objective on the stock. Finally, Truist Financial raised their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and an average target price of $245.42.

Check Out Our Latest Stock Report on AVY

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,108 shares of company stock valued at $12,545,087. Insiders own 1.10% of the company’s stock.

About Avery Dennison

(Get Free Report)

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.

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