Avery Dennison (NYSE:AVY) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Avery Dennison (NYSE:AVY) released its quarterly earnings results on Wednesday. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01, Briefing.com reports. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company posted $2.10 earnings per share. Avery Dennison updated its FY 2024 guidance to 9.350-9.500 EPS.

Avery Dennison Price Performance

NYSE AVY traded up $2.29 during mid-day trading on Friday, hitting $207.25. The stock had a trading volume of 797,830 shares, compared to its average volume of 465,828. The company has a 50 day simple moving average of $216.73 and a 200 day simple moving average of $218.45. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The company has a market cap of $16.69 billion, a price-to-earnings ratio of 30.26, a P/E/G ratio of 1.78 and a beta of 0.88. Avery Dennison has a 52-week low of $165.21 and a 52-week high of $233.48.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock valued at $12,545,087. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AVY shares. Barclays began coverage on Avery Dennison in a report on Monday, October 7th. They issued an “overweight” rating and a $250.00 target price on the stock. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. Truist Financial boosted their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Citigroup reduced their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $245.42.

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.