Avery Dennison Corporation Plans Quarterly Dividend of $0.94 (NYSE:AVY)

Key Points

• Avery Dennison Corporation declared a quarterly dividend of $0.94 per share, which will be paid on September 17th to shareholders of record by September 3rd, representing an annualized dividend of $3.76 with a yield of 2.12%.
• The company's most recent earnings report indicated earnings per share (EPS) of $2.42, surpassing analysts' expectations of $2.38, although revenue decreased by 0.7% year-over-year.
• Shares of Avery Dennison dropped 0.4% during trading, with a current price of $177.70, while analysts continue to rate the stock as a “Moderate Buy” with an average target price of $197.60.

Avery Dennison Corporation (NYSE:AVY - Get Free Report) declared a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Stockholders of record on Wednesday, September 3rd will be paid a dividend of 0.94 per share by the industrial products company on Wednesday, September 17th. This represents a $3.76 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Wednesday, September 3rd.

Avery Dennison has a dividend payout ratio of 35.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Avery Dennison to earn $10.88 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 34.6%.

Avery Dennison Stock Performance

Shares of AVY traded down $2.29 during mid-day trading on Tuesday, hitting $172.07. The stock had a trading volume of 708,451 shares, compared to its average volume of 579,289. The company has a market cap of $13.45 billion, a PE ratio of 19.31, a PEG ratio of 2.68 and a beta of 0.87. The company's fifty day simple moving average is $178.91 and its two-hundred day simple moving average is $179.16. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19. Avery Dennison has a fifty-two week low of $157.00 and a fifty-two week high of $224.38.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The firm's quarterly revenue was down .7% on a year-over-year basis. On average, equities analysts expect that Avery Dennison will post 9.96 earnings per share for the current year.

Wall Street Analyst Weigh In

AVY has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 target price on the stock. BMO Capital Markets reissued an "outperform" rating and set a $207.00 price target (down from $216.00) on shares of Avery Dennison in a research report on Wednesday, July 23rd. Raymond James Financial upped their price target on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Citigroup upped their target price on Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Barclays dropped their target price on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Avery Dennison currently has a consensus rating of "Moderate Buy" and an average price target of $197.60.

Hedge Funds Weigh In On Avery Dennison

Several hedge funds have recently modified their holdings of the company. Empowered Funds LLC grew its stake in Avery Dennison by 6.4% in the 1st quarter. Empowered Funds LLC now owns 13,534 shares of the industrial products company's stock valued at $2,409,000 after buying an additional 819 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Avery Dennison during the 1st quarter valued at $1,209,000. Finally, Focus Partners Wealth grew its position in shares of Avery Dennison by 7.6% during the 1st quarter. Focus Partners Wealth now owns 3,918 shares of the industrial products company's stock valued at $697,000 after purchasing an additional 278 shares in the last quarter. Institutional investors own 94.17% 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.