China smartphone shipments slumped in June on inventory overhang: Jefferies
In a recent filing with the Securities and Exchange Commission, Avery Dennison Corp (NYSE:AVY), a $14.6 billion market cap company with a "GOOD" InvestingPro Financial Health score, saw Executive Chairman Mitchell R. Butier disclose the sale of company stock valued at approximately $2.36 million. The transactions, dated March 6, involved the sale of a total of 12,969 shares at prices ranging from $181.22 to $182.78 per share. Following these transactions, Butier holds 303,331 shares directly. The sales were executed multiple trades, with the reported prices reflecting the weighted average sale price. Notably, the stock is currently trading near its 52-week low of $178.72, despite the company maintaining a perfect Piotroski Score of 9 and a 55-year track record of consistent dividend payments. For deeper insights into insider trading patterns and comprehensive financial analysis, InvestingPro offers exclusive access to detailed research reports and real-time metrics.
In other recent news, Avery Dennison reported its fourth-quarter 2024 earnings, narrowly missing analyst expectations with an earnings per share (EPS) of $2.38, slightly below the forecasted $2.39. Revenue also fell short, reaching $2.18 billion compared to the anticipated $2.2 billion. Despite these misses, the company experienced a 5% sales growth and a 19% increase in adjusted EPS for the full year 2024. The Intelligent Labels segment grew 9% organically, contributing significantly to the company’s performance. Avery Dennison also returned $525 million to shareholders through dividends and buybacks, reflecting its commitment to shareholder value. BMO Capital Markets recently revised its outlook on Avery Dennison, reducing the price target to $226 from $252 while maintaining an Outperform rating due to currency exchange headwinds. The firm highlighted Avery Dennison’s contract win with Vestcom and the potential of its RFID pilots as factors that could drive future revenue growth. These recent developments underscore Avery Dennison’s strategic initiatives and future growth potential despite current challenges.
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