/Avery%20Dennison%20Corp_%20phone%20and%20quotes%20by-%20Piotr%20Swat%20via%20Shutterstock.jpg)
Avery Dennison Corporation (AVY), headquartered in Mentor, Ohio, is a leading global materials science and digital identification solutions company. Valued at $17.8 billion by market cap, the company provides a wide range of branding and information solutions. Its products and solutions include pressure-sensitive materials, radio frequency identification (RFID) inlays, tickets, tags, labels, and other converted products. The leading labeling and packaging materials and solutions provider is expected to announce its fiscal third-quarter earnings for 2024 on Wednesday, Oct. 23.
Ahead of the event, analysts expect AVY to report a profit of $2.32 per share on a diluted basis, up 10.5% from $2.10 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect AVY to report EPS of $9.41, up 19.1% from $7.90 in fiscal 2023. Its EPS is expected to rise 11.6% year over year to $10.50 in fiscal 2025.
AVY stock has underperformed the S&P 500’s ($SPX) 33.1% gains over the past 52 weeks, with shares up 20.3% during this period. Similarly, it underperformed the Consumer Discretionary Select Sector SPDR Fund’s (XLY) 24% gains over the same time frame.
On Jul. 23, AVY shares closed down more than 1% after reporting its Q2 results. Its adjusted EPS of $2.42 exceeded Wall Street expectations of $2.25. The company’s revenue was $2.24 billion, exceeding Wall Street forecasts of $2.18 billion. AVY expects full-year adjusted EPS to be between $9.30 and $9.50.
Analysts’ consensus opinion on AVY stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, two give a “Hold” rating, and one recommends a “Strong Sell.” AVY’s average analyst price target is $243.07, indicating a potential upside of 10.6% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
