Avery Dennison (NYSE:AVY) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

Avery Dennison Trading Up 1.1 %

Avery Dennison stock traded up $2.20 during trading on Friday, hitting $207.16. The company had a trading volume of 797,830 shares, compared to its average volume of 465,828. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 30.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. 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 has a 1-year low of $165.21 and a 1-year high of $233.48. The company’s 50 day simple moving average is $216.73 and its 200-day simple moving average is $218.45.

Avery Dennison Announces Dividend

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

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now owns 304,114 shares in the company, valued at approximately $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total value of $2,142,100.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $65,144,259.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock worth $12,545,087 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $230.00 to $210.00 in a research report on Thursday. Citigroup reduced their target price on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Stifel Nicolaus started coverage on Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price on the stock. BMO Capital Markets reduced their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and cut their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison currently has a consensus rating of “Moderate Buy” and an average target price of $245.42.

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.