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 (EPS) guidance of $9.00 to $9.50 for the period, compared to the consensus estimate of $9.34. Avery Dennison also updated its FY 2024 guidance to 9.000-9.500 EPS.

Avery Dennison Stock Down 0.2 %

NYSE:AVY opened at $211.33 on Wednesday. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26. The company has a current ratio of 1.04, a quick ratio of 0.69 and a debt-to-equity ratio of 1.23. The stock has a market cap of $17.02 billion, a price-to-earnings ratio of 34.03, a PEG ratio of 3.27 and a beta of 0.90. The stock has a 50-day moving average price of $215.22 and a two-hundred day moving average price of $199.92.

Avery Dennison (NYSE:AVY) last posted its 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 30.97% and a net margin of 6.01%. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. As a group, equities analysts expect that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AVY shares. Citigroup upped their price objective on Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a research report on Thursday, April 4th. Raymond James upped their price objective on Avery Dennison from $199.00 to $225.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. StockNews.com raised Avery Dennison from a hold rating to a buy rating in a research report on Monday. Truist Financial reaffirmed a buy rating and set a $249.00 price objective on shares of Avery Dennison in a research report on Friday, January 19th. Finally, JPMorgan Chase & Co. upped their target price on Avery Dennison from $185.00 to $218.00 and gave the stock an overweight rating in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $221.00.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $217.36, for a total value of $1,775,396.48. Following the sale, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the transaction, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction that occurred on 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 owns 5,018 shares in the company, valued at approximately $1,014,940.68. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock worth $4,217,705 over the last 90 days. Company insiders own 1.10% of the company’s stock.

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.