Avery Dennison Co. (NYSE:AVY) Increases Dividend to $0.88 Per Share

Avery Dennison Co. (NYSE:AVY) declared a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Shareholders of record on Wednesday, June 5th will be paid a dividend of 0.88 per share by the industrial products company on Thursday, June 20th. This represents a $3.52 annualized dividend and a yield of 1.61%. The ex-dividend date is Wednesday, June 5th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81.

Avery Dennison has raised its dividend by an average of 10.5% annually over the last three years and has increased its dividend every year for the last 13 years. Avery Dennison has a dividend payout ratio of 30.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Avery Dennison to earn $10.29 per share next year, which means the company should continue to be able to cover its $3.24 annual dividend with an expected future payout ratio of 31.5%.

Avery Dennison Trading Up 0.9 %

Shares of NYSE:AVY traded up $1.87 during midday trading on Friday, hitting $219.03. 489,757 shares of the stock were exchanged, compared to its average volume of 444,670. The stock has a market capitalization of $17.64 billion, a price-to-earnings ratio of 31.99, a P/E/G ratio of 3.28 and a beta of 0.90. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.69 and a current ratio of 0.87. The business’s 50-day moving average price is $215.51 and its 200 day moving average price is $200.13. Avery Dennison has a 12 month low of $158.93 and a 12 month high of $225.26.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting the consensus estimate of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. Analysts predict that Avery Dennison will post 9.26 earnings per share for the current year.

Analyst Ratings Changes

AVY has been the subject of several recent analyst reports. Robert W. Baird raised their price objective on shares of Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday. Raymond James reaffirmed an “outperform” rating and set a $240.00 price objective (up previously from $225.00) on shares of Avery Dennison in a research report on Thursday. UBS Group raised their price objective on shares of Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Citigroup raised their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Buying and Selling

In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the transaction, the insider now owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at approximately $69,878,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the sale, the insider now owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,879 shares of company stock valued at $4,217,705. 1.10% of the stock is owned by insiders.

About Avery Dennison

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.