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

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

Avery Dennison Trading Up 0.5 %

Shares of NYSE AVY traded up $1.09 during midday trading on Wednesday, reaching $212.42. 776,341 shares of the stock were exchanged, compared to its average volume of 441,083. The company has a 50 day simple moving average of $215.34 and a 200 day simple moving average of $200.01. The stock has a market capitalization of $17.10 billion, a P/E ratio of 34.21, a PEG ratio of 3.27 and a beta of 0.90. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.69 and a current ratio of 1.04. Avery Dennison has a twelve month low of $158.93 and a twelve month high of $225.26.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting 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 net margin of 6.01% and a return on equity of 30.97%. The business's revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 EPS. As a group, equities analysts expect that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.81 per share. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.53%. Avery Dennison's dividend payout ratio is currently 52.17%.

Analysts Set New Price Targets

Several research firms recently weighed in on AVY. Citigroup lifted their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a report on Thursday, April 4th. Truist Financial reiterated a buy rating and issued a $249.00 target price on shares of Avery Dennison in a report on Friday, January 19th. UBS Group lifted their target price 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. Bank of America cut shares of Avery Dennison from a buy rating to an underperform rating and set a $208.00 price target for the company. in a research report on Tuesday, January 2nd. Finally, Raymond James raised their price target 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $221.00.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction on Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now directly owns 321,487 shares of the company's stock, valued at approximately $69,878,414.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Avery Dennison news, 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 completion of the transaction, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Ignacio J. Walker sold 5,000 shares of the company's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $213.90, for a total transaction 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. In the last three months, insiders 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.