FY2023 EPS Estimates for Avery Dennison Co. Cut by Zacks Research (NYSE:AVY)

Posted by Defense World Staff on Sep 25th, 2023

Avery Dennison Co. (NYSE:AVY – Free Report) – Stock analysts at Zacks Research lowered their FY2023 earnings per share (EPS) estimates for Avery Dennison in a research note issued to investors on Friday, September 22nd. Zacks Research analyst M. Das now anticipates that the industrial products company will post earnings per share of $8.01 for the year, down from their previous estimate of $8.02. The consensus estimate for Avery Dennison’s current full-year earnings is $8.03 per share. Zacks Research also issued estimates for Avery Dennison’s Q1 2024 earnings at $2.12 EPS and FY2024 earnings at $9.37 EPS.

A number of other research firms have also recently weighed in on AVY. UBS Group upgraded Avery Dennison from a “neutral” rating to a “buy” rating and raised their price target for the company from $184.00 to $220.00 in a research note on Wednesday, August 23rd. Bank of America cut their price target on Avery Dennison from $207.00 to $189.00 in a research note on Monday, July 10th. Truist Financial restated a “buy” rating and issued a $215.00 price target on shares of Avery Dennison in a research note on Friday, September 15th. StockNews.com began coverage on Avery Dennison in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Loop Capital raised their price target on Avery Dennison from $201.00 to $214.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.44.

Check Out Our Latest Stock Analysis on AVY

Avery Dennison Stock Up 0.4 %

Shares of NYSE AVY opened at $180.86 on Monday. Avery Dennison has a 12-month low of $157.28 and a 12-month high of $195.95. The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 1.44. The stock has a market cap of $14.57 billion, a P/E ratio of 26.06, a PEG ratio of 3.22 and a beta of 0.96. The business’s fifty day simple moving average is $182.23 and its 200-day simple moving average is $175.28.

Avery Dennison (NYSE:AVY – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.13). The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.17 billion. Avery Dennison had a net margin of 6.66% and a return on equity of 31.13%. The firm’s revenue was down 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.64 earnings per share.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date was Tuesday, September 5th. Avery Dennison’s dividend payout ratio is currently 46.69%.

Insider Buying and Selling

In related news, SVP Ignacio J. Walker sold 403 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $180.33, for a total transaction of $72,672.99. Following the transaction, the senior vice president now owns 11,102 shares of the company’s stock, valued at $2,002,023.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Ignacio J. Walker sold 403 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $180.33, for a total transaction of $72,672.99. Following the transaction, the senior vice president now owns 11,102 shares of the company’s stock, valued at $2,002,023.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Julia A. Stewart sold 5,633 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $186.14, for a total value of $1,048,526.62. Following the transaction, the director now directly owns 10,329 shares in the company, valued at approximately $1,922,640.06. The disclosure for this sale can be found here. Insiders have sold a total of 10,836 shares of company stock valued at $2,014,000 over the last quarter. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avery Dennison

Institutional investors have recently added to or reduced their stakes in the business. SouthState Corp boosted its holdings in Avery Dennison by 130.0% in the 1st quarter. SouthState Corp now owns 138 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. Clear Street Markets LLC boosted its holdings in Avery Dennison by 92.7% in the 1st quarter. Clear Street Markets LLC now owns 158 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 76 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in Avery Dennison in the 4th quarter valued at approximately $30,000. Eagle Bay Advisors LLC purchased a new stake in Avery Dennison in the 2nd quarter valued at approximately $33,000. Finally, IFP Advisors Inc lifted its position in shares of Avery Dennison by 56.3% during the 2nd quarter. IFP Advisors Inc now owns 200 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 72 shares during the period. Hedge funds and other institutional investors own 91.09% of the company’s stock.

Avery Dennison Company Profile

(Get Free Report)

Avery Dennison Corporation operates as materials science and digital identification solutions company. It provides branding and information labeling solutions, including pressure-sensitive materials, radio-frequency identification (RFID) inlays and tags, and various converted products and solutions. The company designs and manufactures a range of labeling and functional materials that enhance branded packaging, carry or display information that connects the physical and the digital, and improve customers' product performance.