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Avery Dennison Corporation (AVY), headquartered in Mentor, Ohio, is a materials science and digital identification solutions company. Valued at $17.47 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 second-quarter earnings for 2024 before the market opens on Tuesday, July 23.
Ahead of the event, analysts expect AVY to report a profit of $2.24 per share on a diluted basis, up 16.7% from $1.92 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on one other occasion.
For the full year, analysts expect AVY to report EPS of $9.32, up 18% from $7.90 in fiscal 2023.
AVY stock has outperformed the S&P 500’s ($SPX) 24.3% gains over the past 52 weeks, with shares up 25% during this period. Similarly, it outshined the S&P 500 Cons Disc Sector SPDR’s (XLY) 9.3% gains over the same time frame.
On Apr. 24, AVY reported its Q1 results. Its adjusted EPS was $2.29, surpassing the consensus estimates of $2.15. The company’s revenue of $2.15 billion met Wall Street forecasts. AVY expects full-year earnings between $9 and $9.50 per share. AVY shares closed up marginally on the day the results were released but have been on a downtrend since then.
The consensus opinion on AVY stock is bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, seven advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, one gives a “Hold” rating, and one recommends a “Moderate Sell” rating.
The average analyst price target for AVY is $237.22, indicating a potential upside of 9.4% from the current levels.
On the date of publication, Dipanjan Banchur 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.
