Avery Dennison (NYSE:AVY) Updates 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.

Analyst Ratings Changes

Several research firms have recently issued reports on AVY. Citigroup lifted their price objective on shares of 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 increased their target price on shares of Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Robert W. Baird boosted their price objective on Avery Dennison from $215.00 to $230.00 and gave the company an outperform rating in a research note on Thursday. Bank of America cut 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 note on Tuesday, January 2nd. Finally, StockNews.com raised shares of Avery Dennison from a hold rating to a buy rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $221.90.

Avery Dennison Stock Up 1.3 %

Shares of Avery Dennison stock traded up $2.77 on Thursday, reaching $215.19. 185,071 shares of the company were exchanged, compared to its average volume of 437,859. The company has a market capitalization of $17.33 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 3.26 and a beta of 0.90. 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 company has a 50-day moving average of $215.34 and a 200 day moving average of $200.01. Avery Dennison has a one year low of $158.93 and a one year high of $225.26.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.16. The business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. Avery Dennison’s quarterly revenue 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. On average, equities research analysts forecast that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio is 52.17%.

Insider Buying and Selling

In other Avery Dennison news, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Julia A. Stewart sold 5,311 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 5,018 shares in the company, valued at $1,014,940.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at approximately $1,305,217.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,879 shares of company stock valued at $4,217,705 over the last ninety days. 1.10% of the stock is owned by corporate 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.