Wall Street brokerages predict that Avery Dennison Corp (NYSE:AVY) will report sales of $1.74 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Avery Dennison’s earnings. The lowest sales estimate is $1.72 billion and the highest is $1.76 billion. Avery Dennison posted sales of $1.68 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 3.6%. The business is scheduled to issue its next earnings results on Wednesday, October 24th.
On average, analysts expect that Avery Dennison will report full-year sales of $7.17 billion for the current year, with estimates ranging from $7.15 billion to $7.18 billion. For the next fiscal year, analysts expect that the business will post sales of $7.39 billion per share, with estimates ranging from $7.28 billion to $7.50 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Avery Dennison.
Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Tuesday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.11. Avery Dennison had a net margin of 3.83% and a return on equity of 47.47%. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the business earned $1.31 EPS. Avery Dennison’s quarterly revenue was up 14.0% compared to the same quarter last year.
A number of research firms have weighed in on AVY. Zacks Investment Research raised shares of Avery Dennison from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a research report on Friday, April 27th. Bank of America boosted their target price on shares of Avery Dennison from $114.00 to $126.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Citigroup boosted their target price on shares of Avery Dennison from $126.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Loop Capital set a $111.00 target price on shares of Avery Dennison and gave the stock a “hold” rating in a research report on Friday, July 13th. Finally, KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research report on Wednesday, April 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $122.78.
In other Avery Dennison news, insider Georges Gravanis sold 13,000 shares of the business’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $112.67, for a total transaction of $1,464,710.00. Following the completion of the transaction, the insider now owns 11,886 shares of the company’s stock, valued at approximately $1,339,195.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of AVY. Squar Milner Financial Services LLC bought a new position in shares of Avery Dennison during the 2nd quarter worth about $112,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Avery Dennison by 270.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,152 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 841 shares during the period. Fort L.P. bought a new position in shares of Avery Dennison during the 2nd quarter worth about $120,000. Tiverton Asset Management LLC increased its holdings in shares of Avery Dennison by 50.7% during the 1st quarter. Tiverton Asset Management LLC now owns 1,478 shares of the industrial products company’s stock worth $157,000 after purchasing an additional 497 shares during the period. Finally, Nichols & Pratt Advisers LLP MA bought a new position in shares of Avery Dennison during the 2nd quarter worth about $204,000. Institutional investors own 85.00% of the company’s stock.
Shares of AVY stock traded up $0.44 on Friday, hitting $107.39. The company’s stock had a trading volume of 7,174 shares, compared to its average volume of 688,886. The company has a current ratio of 1.10, a quick ratio of 0.79 and a debt-to-equity ratio of 1.26. Avery Dennison has a fifty-two week low of $91.98 and a fifty-two week high of $123.67. The firm has a market cap of $9.63 billion, a PE ratio of 21.40, a PEG ratio of 2.59 and a beta of 1.32.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Shareholders of record on Wednesday, September 5th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Tuesday, September 4th. Avery Dennison’s dividend payout ratio is 41.60%.
Avery Dennison Company Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands. It also offers durable cast and reflective films.
Further Reading: Leveraged Buyout (LBO)
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