Avery Dennison Co. (NYSE:AVY) to Issue Quarterly Dividend of $0.88

Avery Dennison Co. (NYSE:AVY) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Shareholders of record on Wednesday, September 4th will be given a dividend of 0.88 per share by the industrial products company on Wednesday, September 18th. This represents a $3.52 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Wednesday, September 4th.

Avery Dennison has raised its dividend payment by an average of 10.5% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Avery Dennison has a dividend payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Avery Dennison to earn $10.45 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 33.7%.

Avery Dennison Price Performance

NYSE:AVY opened at $209.10 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.58 and a current ratio of 0.90. The company has a 50-day moving average of $223.09 and a 200-day moving average of $215.77. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The company has a market capitalization of $16.84 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 1.86 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter last year, the company earned $1.92 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Avery Dennison will post 9.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AVY has been the topic of a number of analyst reports. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price target for the company from $262.00 to $235.00 in a research report on Thursday. Citigroup upped their target price on shares of Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a report on Monday, July 8th. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Stifel Nicolaus began coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $239.96.

Insiders Place Their Bets

In other news, SVP Deena Baker-Nel sold 3,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total transaction of $684,510.00. Following the transaction, the senior vice president now owns 1,577 shares of the company’s stock, valued at $359,824.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Deena Baker-Nel sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $228.17, for a total transaction of $684,510.00. Following the completion of the sale, the senior vice president now directly owns 1,577 shares of the company’s stock, valued at $359,824.09. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Gregory Lovins sold 2,894 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $227.20, for a total transaction of $657,516.80. Following the completion of the transaction, the chief financial officer now owns 67,457 shares in the company, valued at $15,326,230.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,583 shares of company stock valued at $2,856,353. 1.10% of the stock is currently owned by corporate insiders.

Avery Dennison Company Profile

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.