Brokerages Expect Avery Dennison Corporation (AVY) to Post $1.21 Earnings Per Share
Wall Street analysts predict that Avery Dennison Corporation (NYSE:AVY) will post earnings of $1.21 per share for the current quarter, Zacks reports. Three analysts have provided estimates for Avery Dennison Corporation’s earnings, with estimates ranging from $1.17 to $1.23. Avery Dennison Corporation posted earnings of $1.01 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 19.8%. The business is scheduled to announce its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Avery Dennison Corporation will report full year earnings of $4.83 per share for the current fiscal year, with EPS estimates ranging from $4.80 to $4.90. For the next fiscal year, analysts forecast that the firm will post earnings of $5.24 per share, with EPS estimates ranging from $4.95 to $5.50. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Avery Dennison Corporation.
Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year.
AVY has been the topic of a number of research analyst reports. Robert W. Baird restated a “buy” rating and issued a $100.00 target price on shares of Avery Dennison Corporation in a research report on Friday, September 1st. KeyCorp reiterated a “hold” rating on shares of Avery Dennison Corporation in a research note on Friday, September 22nd. Loop Capital initiated coverage on Avery Dennison Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $99.00 price objective on the stock. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a report on Tuesday, June 13th. Finally, Bank of America Corporation raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating and upped their target price for the stock from $90.00 to $96.00 in a report on Tuesday, June 20th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $93.63.
Avery Dennison Corporation (NYSE AVY) opened at 99.26 on Wednesday. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of 23.32 and a beta of 1.19. Avery Dennison Corporation has a 52 week low of $68.55 and a 52 week high of $100.10. The stock’s 50 day moving average price is $95.67 and its 200 day moving average price is $88.39.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, September 1st. This represents a $1.80 annualized dividend and a yield of 1.81%. Avery Dennison Corporation’s payout ratio is 42.25%.
In related news, Director Patrick Siewert sold 10,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total value of $936,300.00. Following the transaction, the director now owns 10,519 shares in the company, valued at $984,893.97. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director David E. I. Pyott sold 298 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $94.00, for a total transaction of $28,012.00. Following the sale, the director now directly owns 16,601 shares in the company, valued at approximately $1,560,494. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,298 shares of company stock worth $1,152,312. Insiders own 1.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Avery Dennison Corporation by 3,215.2% in the 1st quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after purchasing an additional 6,700,152 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Avery Dennison Corporation by 110.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock worth $155,476,000 after buying an additional 923,548 shares in the last quarter. Congress Asset Management Co. MA bought a new position in shares of Avery Dennison Corporation during the 2nd quarter worth approximately $71,964,000. Westfield Capital Management Co. LP bought a new position in shares of Avery Dennison Corporation during the 1st quarter worth approximately $51,499,000. Finally, MARSHALL WACE ASIA Ltd bought a new position in shares of Avery Dennison Corporation during the 1st quarter worth approximately $31,288,000. 86.65% of the stock is owned by hedge funds and other institutional investors.
About Avery Dennison Corporation
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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