MENTOR, Ohio - Avery Dennison Corporation (NYSE: NYSE:AVY), a global materials science company, announced the appointment of Ward Dickson to its Board of Directors, effective last Thursday. Dickson, 61, is known for his previous role as Executive Vice President and Chief Financial Officer at WestRock (NYSE:WRK) Company, a leader in sustainable, fiber-based packaging solutions.
With a career that spanned from July 2015 to November 2021 at WestRock, and prior finance roles at RockTenn Company and Cisco Systems (NASDAQ:CSCO), Inc., Dickson brings a wealth of financial expertise to Avery Dennison's board. His appointment is seen as a strategic move to bolster the company's financial leadership as it continues to innovate in the materials science space.
Patrick Siewert, the lead independent director of Avery Dennison's Board, expressed confidence in Dickson's abilities, citing his extensive experience across various industries. Mitch Butier, the Executive Chairman of the Board, echoed this sentiment, highlighting Dickson's deep financial knowledge and previous board experience as valuable assets for creating long-term stakeholder value.
Avery Dennison, with reported sales of $8.4 billion in 2023, operates in over 50 countries and employs about 35,000 people. The company is focused on delivering solutions that enhance branding and information, optimize supply chains, and connect brands with consumers. This latest board appointment underscores Avery Dennison's commitment to leadership that supports its global operations and strategic initiatives.
The information in this article is based on a press release statement from Avery Dennison Corporation.
InvestingPro Insights
As Avery Dennison Corporation (NYSE: AVY) welcomes the financial acumen of Ward Dickson to its board, the company's financial health and market performance remain a keen interest to investors. With a solid market capitalization of $18.33 billion, Avery Dennison demonstrates a significant presence in the materials science industry. The company's dedication to dividend consistency is notable, with a history of raising dividends for 13 consecutive years and maintaining payments for an impressive 54 years in total. These consistent shareholder returns are a testament to Avery Dennison's stable financial practices and commitment to investor value.
Investors should note that Avery Dennison is trading at a high earnings multiple, with a P/E ratio of 32.83, which suggests a premium valuation compared to the market average. Moreover, the stock is trading near its 52-week high, at 98.96% of the peak, reflecting strong investor confidence and a potentially bullish outlook for the company's stock price.
While the company's revenue has seen a slight decline of 3.48% over the last twelve months as of Q1 2024, it has managed to maintain a healthy gross profit margin of 28.01%. This indicates Avery Dennison's ability to control costs and sustain profitability despite revenue fluctuations. Additionally, analysts predict the company will remain profitable this year, which could further solidify its financial position.
For those looking to delve deeper into Avery Dennison's financials and future prospects, InvestingPro offers more detailed analysis and metrics. Subscribers can access additional InvestingPro Tips to gain comprehensive insights into the company's performance and potential investment opportunities. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and explore the full range of expert tips and data available on InvestingPro.
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