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

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVY. JPMorgan Chase & Co. boosted their price objective on Avery Dennison from $218.00 to $220.00 and gave the company an overweight rating in a report on Thursday. Bank of America downgraded Avery Dennison from a buy rating to an underperform rating and set a $208.00 price objective for the company. in a report on Tuesday, January 2nd. StockNews.com upgraded Avery Dennison from a hold rating to a buy rating in a report on Monday. Raymond James reiterated an outperform rating and set a $240.00 price target (up previously from $225.00) on shares of Avery Dennison in a report on Thursday. Finally, Citigroup upped their price target on Avery Dennison from $223.00 to $234.00 and gave the stock a neutral rating in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $224.00.

Avery Dennison Stock Performance

AVY stock traded up $1.97 during midday trading on Friday, hitting $219.13. The company’s stock had a trading volume of 225,889 shares, compared to its average volume of 441,187. The stock’s 50-day moving average price is $215.51 and its 200 day moving average price is $200.13. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26. The stock has a market cap of $17.64 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 3.28 and a beta of 0.90.

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, hitting the consensus estimate of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The business had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Avery Dennison will post 9.26 EPS for the current year.

Avery Dennison Announces Dividend

The firm 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 1.48%. Avery Dennison’s dividend payout ratio is currently 47.30%.

Insiders Place Their Bets

In other Avery Dennison news, 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 transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Ignacio J. Walker sold 5,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was 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 owns 6,102 shares of the company’s stock, valued at approximately $1,305,217.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mitchell R. Butier sold 8,168 shares of the company’s 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 transaction, the chairman now directly owns 321,487 shares in the company, valued at approximately $69,878,414.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,879 shares of company stock valued at $4,217,705. 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.