Avery Dennison Corp Forecasted to Earn FY2021 Earnings of $7.95 Per Share (AVY)

Avery Dennison Corp (NYSE:AVY) – Equities research analysts at Gabelli issued their FY2021 earnings estimates for Avery Dennison in a report released on Monday, February 11th. Gabelli analyst R. Morbelli expects that the industrial products company will post earnings per share of $7.95 for the year. Gabelli also issued estimates for Avery Dennison’s FY2022 earnings at $8.75 EPS and FY2023 earnings at $9.55 EPS.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, January 30th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.02. Avery Dennison had a net margin of 6.53% and a return on equity of 52.22%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year.

A number of other brokerages also recently issued reports on AVY. BMO Capital Markets boosted their price objective on shares of Avery Dennison to $114.00 and gave the company a “market perform” rating in a research report on Monday, February 4th. Zacks Investment Research downgraded shares of Avery Dennison from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. UBS Group set a $125.00 price objective on shares of Avery Dennison and gave the company a “buy” rating in a research report on Friday, January 18th. ValuEngine upgraded shares of Avery Dennison from a “sell” rating to a “hold” rating in a research note on Wednesday, December 5th. Finally, KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $119.50.

Shares of AVY stock opened at $104.41 on Wednesday. Avery Dennison has a 1 year low of $82.89 and a 1 year high of $120.41. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 1.85. The firm has a market cap of $9.02 billion, a PE ratio of 17.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.36.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is 34.32%.

In related news, Director Peter K. Barker sold 2,000 shares of Avery Dennison stock in a transaction on Tuesday, February 5th. The shares were sold at an average price of $104.51, for a total transaction of $209,020.00. Following the transaction, the director now owns 29,769 shares in the company, valued at approximately $3,111,158.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Julia A. Stewart sold 5,027 shares of Avery Dennison stock in a transaction on Friday, February 1st. The shares were sold at an average price of $104.19, for a total transaction of $523,763.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,027 shares of company stock worth $918,783. 1.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in AVY. Boston Partners purchased a new stake in Avery Dennison in the 4th quarter worth $116,916,000. JPMorgan Chase & Co. lifted its stake in Avery Dennison by 55.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock worth $196,147,000 after purchasing an additional 648,126 shares in the last quarter. Fenimore Asset Management Inc. lifted its stake in Avery Dennison by 334.8% in the 4th quarter. Fenimore Asset Management Inc. now owns 538,284 shares of the industrial products company’s stock worth $48,354,000 after purchasing an additional 414,489 shares in the last quarter. Fiduciary Management Inc. WI lifted its stake in Avery Dennison by 48.8% in the 3rd quarter. Fiduciary Management Inc. WI now owns 1,208,908 shares of the industrial products company’s stock worth $130,985,000 after purchasing an additional 396,245 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Avery Dennison by 397.0% in the 4th quarter. First Trust Advisors LP now owns 312,695 shares of the industrial products company’s stock worth $28,089,000 after purchasing an additional 249,779 shares in the last quarter. Institutional investors and hedge funds own 84.32% of the company’s stock.

About Avery Dennison

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. It also offers durable cast and reflective films.

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