Equities analysts expect Avery Dennison Corp (NYSE:AVY) to post $1.83 billion in sales for the current quarter, according to Zacks. Three analysts have provided 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 suggests a negative year over year growth rate of 1.1%. The company is scheduled to report its next quarterly 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 financial year, with estimates ranging from $7.16 billion to $7.30 billion. For the next fiscal year, analysts expect that the firm will report 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 analysts that follow Avery Dennison.
Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, April 24th. The industrial products company reported $1.48 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the company posted $1.44 EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year.
Several research analysts have recently commented on the company. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research note on Wednesday, April 24th. JPMorgan Chase & Co. downgraded Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 target price for the company. in a research note on Thursday, April 18th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. Finally, Loop Capital downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $118.00.
Shares of NYSE AVY opened at $111.83 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.14 and a debt-to-equity ratio of 1.77. Avery Dennison has a 12 month low of $82.89 and a 12 month high of $117.00. The company has a market cap of $9.48 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 2.08 and a beta of 1.33.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.58 per share. This is a boost from Avery Dennison’s previous quarterly dividend of $0.52. This represents a $2.32 annualized dividend and a yield of 2.07%. The ex-dividend date is Tuesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 38.28%.
In related news, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $110.10, for a total transaction of $1,066,979.10. Following the completion of the sale, the director now directly owns 28,396 shares of the company’s stock, valued at approximately $3,126,399.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Lori J. Bondar sold 2,725 shares of Avery Dennison stock in a transaction on 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 transaction, the vice president now directly owns 18,041 shares of the company’s stock, valued at $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 made changes to their positions in AVY. Boston Partners acquired a new position in Avery Dennison in the 4th quarter valued at $116,916,000. Victory Capital Management Inc. raised its holdings in Avery Dennison by 81,204.8% in the 1st quarter. Victory Capital Management Inc. now owns 1,048,832 shares of the industrial products company’s stock valued at $118,518,000 after acquiring an additional 1,047,542 shares in the last quarter. Voya Investment Management LLC raised its holdings in Avery Dennison by 318.0% in the 1st quarter. Voya Investment Management LLC now owns 1,099,152 shares of the industrial products company’s stock valued at $124,204,000 after acquiring an additional 836,182 shares in the last quarter. Norges Bank acquired a new position in Avery Dennison in the 4th quarter valued at $73,468,000. Finally, Veritas Investment Management LLP acquired a new position in Avery Dennison in the 1st quarter valued at $50,842,000. 88.20% of the stock is owned by hedge funds and other institutional investors.
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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