Gabelli Weighs in on Avery Dennison Corp.’s FY2016 Earnings (AVY)
Avery Dennison Corp. (NYSE:AVY) – Gabelli lifted their FY2016 earnings per share estimates for shares of Avery Dennison Corp. in a research report issued to clients and investors on Wednesday. Gabelli analyst R. Morbelli now forecasts that the brokerage will post earnings of $3.90 per share for the year, up from their prior estimate of $3.80. Gabelli also issued estimates for Avery Dennison Corp.’s FY2017 earnings at $4.40 EPS, FY2018 earnings at $4.95 EPS and FY2019 earnings at $5.60 EPS.
Avery Dennison Corp. (NYSE:AVY) last released its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.08. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis.
A number of other research analysts have also recently issued reports on AVY. Bank of America Corp. cut shares of Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 price target for the company. in a research report on Friday, July 1st. JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Zacks Investment Research cut shares of Avery Dennison Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Avery Dennison Corp. presently has a consensus rating of “Hold” and an average target price of $78.14.
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Avery Dennison Corp. (NYSE:AVY) traded down 0.60% on Thursday, hitting $77.86. 249,516 shares of the stock were exchanged. The stock has a market cap of $6.92 billion, a price-to-earnings ratio of 23.21 and a beta of 1.01. Avery Dennison Corp. has a 12 month low of $55.29 and a 12 month high of $79.27. The company has a 50-day moving average of $77.11 and a 200-day moving average of $73.70.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, September 7th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Friday, September 2nd. This represents a $1.64 annualized dividend and a yield of 2.09%. Avery Dennison Corp.’s dividend payout ratio (DPR) is presently 48.81%.
In other news, VP Susan C. Miller sold 2,000 shares of Avery Dennison Corp. stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $73.31, for a total value of $146,620.00. Following the completion of the sale, the vice president now directly owns 8,518 shares in the company, valued at $624,454.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Georges Gravanis sold 39,117 shares of Avery Dennison Corp. stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $77.71, for a total transaction of $3,039,782.07. Following the completion of the sale, the insider now owns 28,924 shares of the company’s stock, valued at $2,247,684.04. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.
About Avery Dennison Corp.
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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