Avery Dennison Co. (NYSE:AVY) Announces Quarterly Dividend of $0.88

Avery Dennison Co. (NYSE:AVY) declared a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Stockholders of record on Wednesday, March 5th will be paid a dividend of 0.88 per share by the industrial products company on Wednesday, March 19th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Wednesday, March 5th.

Avery Dennison has increased its dividend payment by an average of 9.1% per year over the last three years and has raised its dividend every year for the last 15 years. Avery Dennison has a dividend payout ratio of 30.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Avery Dennison to earn $10.34 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 34.0%.

Avery Dennison Trading Up 1.8 %

Shares of AVY opened at $185.85 on Friday. The firm has a market cap of $14.93 billion, a P/E ratio of 22.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. Avery Dennison has a fifty-two week low of $179.20 and a fifty-two week high of $233.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. The business has a 50-day moving average of $193.54 and a 200 day moving average of $206.34.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. As a group, research analysts forecast that Avery Dennison will post 9.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on AVY shares. Bank of America cut their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a report on Monday, January 6th. Barclays reduced their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $210.00 to $205.00 in a report on Friday. BMO Capital Markets decreased their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Truist Financial reissued a “buy” rating and issued a $215.00 price target (down from $245.00) on shares of Avery Dennison in a report on Friday. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Avery Dennison currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.96.

Insider Activity at Avery Dennison

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now owns 7,126 shares of the company’s stock, valued at $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by insiders.

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.