Avery Dennison (NYSE:AVY) Posts Earnings Results, Beats Expectations By $0.16 EPS

Avery Dennison (NYSE:AVY) issued its quarterly earnings data on Tuesday. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16, RTT News reports. Avery Dennison had a return on equity of 34.05% and a net margin of 7.34%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the business posted $1.92 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Avery Dennison updated its FY 2024 guidance to 9.300-9.500 EPS.

Avery Dennison Stock Performance

Shares of NYSE AVY traded down $3.17 during midday trading on Thursday, hitting $211.62. 307,652 shares of the stock traded hands, compared to its average volume of 446,627. The firm has a 50-day moving average of $223.40 and a two-hundred day moving average of $215.82. The firm has a market capitalization of $17.05 billion, a P/E ratio of 31.36, a PEG ratio of 1.91 and a beta of 0.88. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. Avery Dennison has a one year low of $165.21 and a one year high of $233.48.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVY. Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target on the stock. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Robert W. Baird lifted their price objective on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Truist Financial raised their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Citigroup raised their target price on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $239.96.

Insider Activity

In other news, SVP Ignacio J. Walker sold 2,206 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $226.70, for a total transaction of $500,100.20. Following the transaction, the senior vice president now directly owns 7,082 shares of the company’s stock, valued at approximately $1,605,489.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Avery Dennison news, insider Ryan D. Yost sold 149 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $226.38, for a total value of $33,730.62. Following the completion of the sale, the insider now owns 2,110 shares in the company, valued at approximately $477,661.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Ignacio J. Walker sold 2,206 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the sale, the senior vice president now owns 7,082 shares of the company’s stock, valued at approximately $1,605,489.40. The disclosure for this sale can be found here. Insiders have sold 12,583 shares of company stock valued at $2,856,353 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

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.