Avery Dennison (NYSE:AVY) Issues FY24 Earnings Guidance

Avery Dennison (NYSE:AVY) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $9.00 to $9.50 for the period, compared to the consensus EPS estimate of $9.34. Avery Dennison also updated its FY 2024 guidance to 9.000-9.500 EPS.

Avery Dennison Stock Performance

Shares of NYSE AVY opened at $211.33 on Wednesday. Avery Dennison has a 52-week low of $158.93 and a 52-week high of $225.26. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.69 and a current ratio of 1.04. The firm’s fifty day moving average is $215.22 and its two-hundred day moving average is $199.92. The company has a market cap of $17.02 billion, a P/E ratio of 34.03, a P/E/G ratio of 3.27 and a beta of 0.90.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 net margin of 6.01% and a return on equity of 30.97%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.65 EPS. As a group, analysts anticipate that Avery Dennison will post 9.26 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a $0.81 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $3.24 annualized dividend and a yield of 1.53%. Avery Dennison’s dividend payout ratio (DPR) is 52.17%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a research report on Thursday, April 4th. UBS Group boosted their price target on shares of Avery Dennison from $225.00 to $230.00 and gave the company a buy rating in a report on Thursday, January 11th. Raymond James boosted their price target on shares of Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a report on Thursday, January 25th. JPMorgan Chase & Co. boosted their price objective on shares of Avery Dennison from $185.00 to $218.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Finally, Bank of America cut shares of Avery Dennison from a buy rating to an underperform rating and set a $208.00 target price for the company. in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $221.00.

Insiders Place Their Bets

In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the completion of the transaction, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the sale, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction 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 completion of the sale, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,879 shares of company stock valued at $4,217,705. 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.