Avery Dennison (NYSE:AVY) Posts Quarterly Earnings Results

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

Avery Dennison Trading Down 1.3 %

Shares of AVY traded down $2.73 during trading on Thursday, reaching $204.92. 827,637 shares of the company traded hands, compared to its average volume of 464,216. 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 stock has a 50-day simple moving average of $217.00 and a 200-day simple moving average of $218.62. Avery Dennison has a twelve month low of $165.21 and a twelve month high of $233.48. The stock has a market cap of $16.51 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88.

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business's stock in a transaction on 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 in the company, valued at approximately $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total transaction of $2,142,100.00. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $65,144,259.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a 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 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 owns 304,114 shares of the company's stock, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock worth $12,545,087 over the last ninety days. Corporate insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AVY shares. Stifel Nicolaus initiated coverage on Avery Dennison in a report on Tuesday, July 9th. They set a "buy" rating and a $274.60 target price on the stock. BMO Capital Markets lowered their price objective on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a research note on Thursday. Citigroup dropped their target price on Avery Dennison from $241.00 to $240.00 and set a "neutral" rating for the company in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $230.00 to $210.00 in a report on Thursday. Finally, UBS Group lowered shares of Avery Dennison from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $245.42.

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.