Wall Street analysts predict that Avery Dennison Corp (NYSE:AVY) will announce $1.56 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Avery Dennison’s earnings, with estimates ranging from $1.55 to $1.58. Avery Dennison posted earnings of $1.31 per share during the same quarter last year, which would suggest a positive year over year growth rate of 19.1%. The company is expected to announce its next earnings report on Tuesday, July 24th.
According to Zacks, analysts expect that Avery Dennison will report full year earnings of $6.01 per share for the current fiscal year, with EPS estimates ranging from $6.00 to $6.05. For the next financial year, analysts anticipate that the business will post earnings of $6.55 per share, with EPS estimates ranging from $6.33 to $6.75. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for Avery Dennison.
Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.08. Avery Dennison had a return on equity of 44.21% and a net margin of 4.32%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the company earned $1.11 EPS. The company’s revenue for the quarter was up 13.0% on a year-over-year basis.
Several equities research analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Avery Dennison in a report on Tuesday, March 27th. They issued a “market perform” rating and a $120.00 target price for the company. Zacks Investment Research upgraded Avery Dennison from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Tuesday, May 15th. Loop Capital boosted their target price on Avery Dennison to $111.00 and gave the stock a “hold” rating in a report on Wednesday, May 2nd. They noted that the move was a valuation call. Bank of America boosted their target price on Avery Dennison from $128.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Citigroup reduced their target price on Avery Dennison from $140.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, April 5th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Avery Dennison currently has a consensus rating of “Buy” and an average target price of $123.11.
AVY opened at $110.21 on Friday. Avery Dennison has a twelve month low of $82.73 and a twelve month high of $123.67. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.12 and a quick ratio of 0.79. The company has a market capitalization of $9.74 billion, a P/E ratio of 22.04, a P/E/G ratio of 2.63 and a beta of 1.27.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, June 6th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, June 5th. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.45. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.89%. Avery Dennison’s payout ratio is 36.00%.
In other news, Director Dean A. Scarborough sold 6,026 shares of the company’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $106.11, for a total transaction of $639,418.86. Following the completion of the transaction, the director now directly owns 50,927 shares in the company, valued at $5,403,863.97. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mitchell R. Butier sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $118.57, for a total value of $889,275.00. Following the transaction, the insider now owns 117,759 shares of the company’s stock, valued at $13,962,684.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,639 shares of company stock valued at $17,963,034. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of Avery Dennison by 163.6% during the first quarter. JPMorgan Chase & Co. now owns 1,243,494 shares of the industrial products company’s stock valued at $132,121,000 after purchasing an additional 771,818 shares during the period. APG Asset Management N.V. increased its position in shares of Avery Dennison by 125.4% during the fourth quarter. APG Asset Management N.V. now owns 1,145,053 shares of the industrial products company’s stock valued at $109,528,000 after purchasing an additional 637,000 shares during the period. Allianz Asset Management GmbH increased its position in shares of Avery Dennison by 91.9% during the fourth quarter. Allianz Asset Management GmbH now owns 673,503 shares of the industrial products company’s stock valued at $77,358,000 after purchasing an additional 322,518 shares during the period. Wells Fargo & Company MN increased its position in shares of Avery Dennison by 24.5% during the fourth quarter. Wells Fargo & Company MN now owns 1,186,196 shares of the industrial products company’s stock valued at $136,247,000 after purchasing an additional 233,134 shares during the period. Finally, BlackRock Inc. increased its position in shares of Avery Dennison by 3.2% during the fourth quarter. BlackRock Inc. now owns 6,761,758 shares of the industrial products company’s stock valued at $776,657,000 after purchasing an additional 209,963 shares during the period. Institutional investors own 85.41% of the company’s stock.
About Avery Dennison
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.
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