Equities research analysts forecast that Avery Dennison Corp (NYSE:AVY) will report $1.83 billion in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Avery Dennison’s earnings, with the lowest sales estimate coming in at $1.82 billion and the highest estimate coming in at $1.85 billion. Avery Dennison posted sales of $1.85 billion in the same quarter last year, which would indicate a negative year over year growth rate of 1.1%. The company is expected to announce its next quarterly earnings results on Tuesday, July 23rd.
According to Zacks, analysts expect that Avery Dennison will report full-year sales of $7.21 billion for the current fiscal year, with estimates ranging from $7.16 billion to $7.30 billion. For the next fiscal year, analysts anticipate that the business will post sales of $7.43 billion, with estimates ranging from $7.35 billion to $7.56 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Avery Dennison.
Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.02. Avery Dennison had a return on equity of 53.28% and a net margin of 2.74%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year.
Several research firms have recently weighed in on AVY. Zacks Investment Research downgraded Wix.Com from a “hold” rating to a “sell” rating in a research report on Monday, April 8th. Loop Capital downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. They noted that the move was a valuation call. JPMorgan Chase & Co. set a €8.75 ($10.17) target price on Commerzbank and gave the stock a “buy” rating in a research report on Thursday, April 18th. Citigroup lifted their price objective on Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. Finally, Bank of America initiated coverage on Zai Lab in a report on Friday. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Avery Dennison has an average rating of “Hold” and an average price target of $119.38.
Shares of NYSE:AVY traded down $1.82 on Friday, hitting $113.48. 1,135,958 shares of the company’s stock were exchanged, compared to its average volume of 548,402. Avery Dennison has a 12 month low of $82.89 and a 12 month high of $120.65. The company has a market capitalization of $9.73 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 2.13 and a beta of 1.35. The stock’s 50 day simple moving average is $111.20. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.14 and a quick ratio of 0.80.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were issued a $0.58 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.52. This represents a $2.32 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Tuesday, June 4th. Avery Dennison’s payout ratio is presently 38.28%.
In related news, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $110.10, for a total value of $1,066,979.10. Following the completion of the sale, the director now directly owns 28,396 shares in the company, valued at $3,126,399.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Lori J. Bondar sold 2,725 shares of Avery Dennison stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $113.27, for a total value of $308,660.75. Following the completion of the sale, the vice president now owns 18,041 shares of the company’s stock, valued at $2,043,504.07. The disclosure for this sale can be found here. Insiders sold 17,416 shares of company stock valued at $1,933,140 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in AVY. LPL Financial LLC raised its holdings in Avery Dennison by 38.4% in the fourth quarter. LPL Financial LLC now owns 21,226 shares of the industrial products company’s stock worth $1,907,000 after purchasing an additional 5,887 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Avery Dennison by 8.4% in the fourth quarter. Bank of New York Mellon Corp now owns 924,100 shares of the industrial products company’s stock worth $83,012,000 after purchasing an additional 71,218 shares in the last quarter. Raymond James & Associates raised its holdings in Avery Dennison by 66.3% in the fourth quarter. Raymond James & Associates now owns 131,954 shares of the industrial products company’s stock worth $11,853,000 after purchasing an additional 52,598 shares in the last quarter. Bank of Nova Scotia raised its holdings in Avery Dennison by 4.9% in the fourth quarter. Bank of Nova Scotia now owns 18,651 shares of the industrial products company’s stock worth $1,675,000 after purchasing an additional 872 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Avery Dennison by 3.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 27,565 shares of the industrial products company’s stock worth $2,476,000 after purchasing an additional 919 shares in the last quarter. Institutional investors and hedge funds own 88.12% 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, as well as durable cast and reflective films.
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