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

Avery Dennison (NYSE:AVY) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 9.000-9.500 for the period, compared to the consensus earnings per share 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 Trading Up 3.2 %

Shares of Avery Dennison stock traded up $6.80 during trading on Wednesday, reaching $218.13. 88,557 shares of the stock were exchanged, compared to its average volume of 432,239. The company has a quick ratio of 0.69, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. The stock’s fifty day moving average is $215.22 and its 200 day moving average is $199.92. The firm has a market cap of $17.56 billion, a price-to-earnings ratio of 34.03, a price-to-earnings-growth ratio of 3.27 and a beta of 0.90. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. Avery Dennison’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. As a group, equities research analysts expect that Avery Dennison will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a $0.81 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 annualized dividend and a yield of 1.49%. Avery Dennison’s dividend payout ratio (DPR) is presently 52.17%.

Analysts Set New Price Targets

Several analysts have commented on AVY shares. JPMorgan Chase & Co. raised their price objective on shares of Avery Dennison from $185.00 to $218.00 and gave the stock an overweight rating in a report on Thursday, February 1st. Raymond James raised their target price on shares of Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a research note on Thursday, January 25th. StockNews.com raised shares of Avery Dennison from a hold rating to a buy rating in a research note on Monday. UBS Group raised their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a buy rating in a research note on Thursday, January 11th. Finally, Citigroup raised their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $221.00.

Insider Transactions at Avery Dennison

In other news, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction 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 transaction, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total transaction 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 in the last 90 days. 1.10% of the stock is currently owned by insiders.

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.