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

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) announced a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Shareholders 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 yield of 2.12%. The ex-dividend date of this dividend is Wednesday, September 3rd.

Avery Dennison has a payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. 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 Down 0.4%

Shares of AVY stock traded down $0.75 during trading hours on Friday, hitting $177.70. 461,278 shares of the company's stock traded hands, compared to its average volume of 761,674. The stock's fifty day simple moving average is $179.20 and its two-hundred day simple moving average is $179.42. Avery Dennison has a 12-month low of $157.00 and a 12-month high of $224.38. The stock has a market cap of $13.89 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 2.52 and a beta of 0.87. The company has a quick ratio of 0.68, a current ratio of 1.04 and a debt-to-equity ratio of 1.19.

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

Institutional Trading of Avery Dennison

A number of large investors have recently made changes to their positions in AVY. Focus Partners Wealth grew its holdings in 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 during the last quarter. Empowered Funds LLC raised its position 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 worth $2,409,000 after purchasing an additional 819 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Avery Dennison in the 1st quarter worth about $1,209,000. 94.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AVY shares. Citigroup raised their price target on shares of Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Truist Financial cut their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their target price on shares of Avery Dennison from $172.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday. Jefferies Financial Group started coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 target price for the company. Finally, UBS Group cut their target price on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $197.60.

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.

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