Zacks: Analysts Anticipate Avery Dennison Corporation (AVY) Will Announce Quarterly Sales of $1.65 Billion
Wall Street brokerages expect that Avery Dennison Corporation (NYSE:AVY) will post $1.65 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Avery Dennison Corporation’s earnings, with the lowest sales estimate coming in at $1.64 billion and the highest estimate coming in at $1.66 billion. Avery Dennison Corporation posted sales of $1.51 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.3%. The business is scheduled to report its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Avery Dennison Corporation will report full year sales of $1.65 billion for the current year, with estimates ranging from $6.51 billion to $6.59 billion. For the next year, analysts expect that the firm will post sales of $6.89 billion per share, with estimates ranging from $6.83 billion to $6.99 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Avery Dennison Corporation.
Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $1.09 EPS.
A number of equities research analysts have recently issued reports on the stock. BidaskClub cut shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Zacks Investment Research cut shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Bank of America Corporation raised shares of Avery Dennison Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the company from $90.00 to $96.00 in a research report on Tuesday, June 20th. Citigroup Inc. boosted their target price on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Finally, Aegis reissued a “hold” rating on shares of Avery Dennison Corporation in a research report on Thursday, June 1st. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $92.86.
Avery Dennison Corporation (NYSE AVY) opened at 96.83 on Friday. Avery Dennison Corporation has a 12-month low of $68.55 and a 12-month high of $97.11. The company has a market capitalization of $8.56 billion, a P/E ratio of 22.75 and a beta of 1.18. The stock’s 50 day moving average is $93.66 and its 200-day moving average is $86.71.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 annualized dividend and a yield of 1.86%. Avery Dennison Corporation’s dividend payout ratio is 42.25%.
In related news, Director David E. I. Pyott sold 298 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $94.00, for a total transaction of $28,012.00. Following the completion of the sale, the director now owns 16,601 shares of the company’s stock, valued at $1,560,494. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Patrick Siewert sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total transaction of $936,300.00. Following the sale, the director now directly owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The disclosure for this sale can be found here. Insiders have sold 12,298 shares of company stock valued at $1,152,312 in the last ninety days. 1.40% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of AVY. American Beacon Advisors Inc. bought a new stake in Avery Dennison Corporation during the first quarter worth about $105,000. Van ECK Associates Corp lifted its position in Avery Dennison Corporation by 7.7% during the first quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 94 shares during the period. Acrospire Investment Management LLC bought a new stake in Avery Dennison Corporation during the second quarter worth about $129,000. Captrust Financial Advisors bought a new stake in Avery Dennison Corporation during the second quarter worth about $130,000. Finally, Bronfman E.L. Rothschild L.P. lifted its position in Avery Dennison Corporation by 21.1% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,737 shares of the industrial products company’s stock worth $140,000 after purchasing an additional 303 shares during the period. 87.76% of the stock is owned by institutional investors and hedge funds.
Avery Dennison Corporation Company Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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