Avery Dennison (NYSE:AVY) Issues FY 2024 Earnings Guidance

Avery Dennison (NYSE:AVY) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 9.000-9.500 for the period, compared to the consensus EPS estimate of 9.320. The company issued revenue guidance of -. Avery Dennison also updated its FY24 guidance to $9.00 to $9.50 EPS.

Avery Dennison Stock Up 1.6 %

NYSE AVY traded up $3.37 during trading hours on Thursday, reaching $215.79. 294,648 shares of the company traded hands, compared to its average volume of 438,913. The stock has a market capitalization of $17.38 billion, a PE ratio of 34.75, a PEG ratio of 3.26 and a beta of 0.90. The company has a 50 day moving average of $215.34 and a two-hundred day moving average of $200.01. Avery Dennison has a 12 month low of $158.93 and a 12 month 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.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, meeting the consensus estimate of $2.16. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. Avery Dennison’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted $1.65 EPS. 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. Investors of record on Wednesday, March 6th were given a $0.81 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 annualized dividend and a yield of 1.50%. Avery Dennison’s dividend payout ratio is presently 52.17%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Bank of America downgraded 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 report on Tuesday, January 2nd. Raymond James reaffirmed an outperform rating and issued a $240.00 price objective (up previously from $225.00) on shares of Avery Dennison in a research note on Thursday. UBS Group lifted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the stock a buy rating in a research report on Thursday, January 11th. StockNews.com raised shares of Avery Dennison from a hold rating to a buy rating in a research report on Monday. Finally, Truist Financial reissued a buy rating and issued a $249.00 target price on shares of Avery Dennison in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Avery Dennison presently has an average rating of Moderate Buy and a consensus target price of $223.60.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,168 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the transaction, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the sale, the senior vice president now directly owns 6,102 shares in the company, valued at $1,305,217.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. 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. Corporate 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.