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

Avery Dennison (NYSE:AVY) released its quarterly earnings data on Tuesday. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.16, RTT News reports. Avery Dennison had a net margin of 7.34% and a return on equity of 34.05%. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period last year, the business earned $1.92 earnings per share. Avery Dennison’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 Price Performance

Avery Dennison stock traded down $3.17 during midday trading on Thursday, hitting $211.62. The company’s stock had a trading volume of 307,652 shares, compared to its average volume of 446,627. The stock’s 50-day moving average price is $223.40 and its 200-day moving average price is $215.82. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $17.05 billion, a PE ratio of 31.36, a price-to-earnings-growth ratio of 1.91 and a beta of 0.88. Avery Dennison has a 12 month low of $165.21 and a 12 month high of $233.48.

Insiders Place Their Bets

In other Avery Dennison news, insider Francisco Melo sold 3,750 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $227.00, for a total transaction of $851,250.00. Following the sale, the insider now owns 15,230 shares in the company, valued at approximately $3,457,210. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Gregory Lovins sold 2,894 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $227.20, for a total transaction of $657,516.80. Following the completion of the transaction, the chief financial officer now directly owns 67,457 shares in the company, valued at $15,326,230.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Francisco Melo sold 3,750 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $227.00, for a total value of $851,250.00. Following the transaction, the insider now owns 15,230 shares of the company’s stock, valued at $3,457,210. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,583 shares of company stock worth $2,856,353. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Truist Financial lifted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday. Argus lifted their price objective on shares of Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Finally, UBS Group cut 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given 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 $239.96.

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.