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 Trading Up 0.8 %

Shares of NYSE:AVY traded up $1.72 during midday trading on Friday, hitting $218.88. The company had a trading volume of 180,338 shares, compared to its average volume of 440,730. The firm has a fifty day simple moving average of $215.51 and a 200 day simple moving average of $200.13. Avery Dennison has a 12 month low of $158.93 and a 12 month high of $225.26. The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 3.28 and a beta of 0.90. The company has a current ratio of 0.87, a quick ratio of 0.69 and a debt-to-equity ratio of 0.94.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, meeting analysts’ consensus estimates of $2.16. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. Avery Dennison’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. On average, analysts predict that Avery Dennison will post 9.26 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $3.24 annualized dividend and a yield of 1.48%. Avery Dennison’s payout ratio is 47.30%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Raymond James reaffirmed an outperform rating and set a $240.00 price objective (up from $225.00) on shares of Avery Dennison in a research report on Thursday. Truist Financial upped their price target on Avery Dennison from $248.00 to $253.00 and gave the stock a buy rating in a report on Friday. UBS Group raised their price target on Avery Dennison from $225.00 to $230.00 and gave the stock a buy rating in a research report on Thursday, January 11th. Bank of America lowered Avery Dennison from a buy rating to an underperform rating and set a $208.00 target price for the company. in a report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Avery Dennison from $218.00 to $220.00 and gave the company an overweight rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $224.00.

Insiders Place Their Bets

In related news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the transaction, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the transaction, the senior vice president now directly owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now directly owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. Insiders have sold a total of 19,879 shares of company stock worth $4,217,705 over the last quarter. Company insiders own 1.10% of the company’s stock.

About Avery Dennison

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.