Wall Street brokerages forecast that Avery Dennison Corp (NYSE:AVY) will report sales of $1.83 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Avery Dennison’s earnings. The lowest sales estimate is $1.82 billion and the highest is $1.85 billion. Avery Dennison reported sales of $1.85 billion during the same quarter last year, which indicates a negative year over year growth rate of 1.1%. The business is scheduled to report its next earnings report on Tuesday, July 23rd.
On average, analysts expect that Avery Dennison will report full year sales of $7.21 billion for the current year, with estimates ranging from $7.16 billion to $7.30 billion. For the next year, analysts forecast that the company will report sales of $7.43 billion, with estimates ranging from $7.35 billion to $7.56 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Avery Dennison.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.48 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $1.74 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis.
A number of research firms have recently commented on AVY. KeyCorp reaffirmed a “sector weight” rating and issued a $110.00 price target on shares of Avery Dennison in a report on Sunday, April 7th. Zacks Investment Research lowered Avery Dennison from a “buy” rating to a “hold” rating in a report on Monday, April 8th. Loop Capital lowered Avery Dennison from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. lowered Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 price target for the company. in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $118.00.
In related news, Director Ken C. Hicks sold 9,691 shares of the stock in a transaction on 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 sale, the director now owns 28,396 shares in the company, valued at $3,126,399.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Lori J. Bondar sold 2,725 shares of the stock in a transaction on Tuesday, June 11th. The stock was 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 in the company, valued at approximately $2,043,504.07. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its position in Avery Dennison by 0.5% during the third quarter. Vanguard Group Inc now owns 9,807,709 shares of the industrial products company’s stock valued at $1,062,666,000 after purchasing an additional 44,059 shares in the last quarter. Boston Partners raised its position in Avery Dennison by 25.7% during the first quarter. Boston Partners now owns 1,635,444 shares of the industrial products company’s stock valued at $184,805,000 after purchasing an additional 333,924 shares in the last quarter. Geode Capital Management LLC raised its position in Avery Dennison by 3.2% during the first quarter. Geode Capital Management LLC now owns 1,186,427 shares of the industrial products company’s stock valued at $133,827,000 after purchasing an additional 36,240 shares in the last quarter. Voya Investment Management LLC raised its position in Avery Dennison by 318.0% during the first quarter. Voya Investment Management LLC now owns 1,099,152 shares of the industrial products company’s stock valued at $124,204,000 after purchasing an additional 836,182 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Avery Dennison by 81,204.8% during the first quarter. Victory Capital Management Inc. now owns 1,048,832 shares of the industrial products company’s stock valued at $118,518,000 after purchasing an additional 1,047,542 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.
Avery Dennison stock opened at $111.83 on Thursday. Avery Dennison has a one year low of $82.89 and a one year high of $117.00. 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 firm has a market capitalization of $9.48 billion, a PE ratio of 18.38, a P/E/G ratio of 2.08 and a beta of 1.33.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Tuesday, June 4th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.52. Avery Dennison’s dividend payout ratio (DPR) is 38.28%.
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, as well as durable cast and reflective films.
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