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

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

Avery Dennison Price Performance

Shares of AVY stock traded down $3.33 on Thursday, reaching $204.32. The company’s stock had a trading volume of 137,429 shares, compared to its average volume of 460,866. The company has a market capitalization of $16.46 billion, a P/E ratio of 29.82, a PEG ratio of 1.78 and a beta of 0.88. Avery Dennison has a 12-month low of $165.21 and a 12-month high of $233.48. The stock’s 50 day simple moving average is $217.00 and its 200-day simple moving average is $218.62. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AVY shares. Citigroup cut their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. BMO Capital Markets cut their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday. Stifel Nicolaus initiated coverage on shares of Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target on the stock. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Finally, UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and a consensus price target of $245.42.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s 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 completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock worth $12,545,087 over the last ninety days. 1.10% of the stock is owned by corporate 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.