MENTOR, Ohio - Avery Dennison Corporation (NYSE:AVY), a global materials science and digital identification solutions company, has declared an increase in its quarterly dividend, as announced by its Board of Directors today. Shareholders will receive a dividend of $0.88 per share for the second quarter, marking a 9% rise from the previous rate.
The upcoming dividend is scheduled to be paid on June 20, 2024, to shareholders who are on record by June 5, 2024. This decision reflects the company's financial health and commitment to delivering value to its investors.
Avery Dennison is known for its broad range of products and solutions across various industries, including apparel, retail, e-commerce, logistics, and automotive. The company employs around 35,000 people globally and operates in more than 50 countries. It reported sales of $8.4 billion in 2023.
The increase in dividend is a significant move for the company and its shareholders. Dividend payments are a way for companies to share profits with their shareholders and can be indicative of a company's confidence in its financial stability and future earnings prospects.
The information provided in this article is based on a press release statement from Avery Dennison Corporation.
InvestingPro Insights
Avery Dennison Corporation's (NYSE:AVY) recent announcement of a dividend increase is a testament to its solid financial posture, as seen in the company's commitment to rewarding shareholders. This move aligns with the company's track record of raising its dividend for 13 consecutive years, highlighting a consistent approach to shareholder returns.
InvestingPro data shows that Avery Dennison has a market capitalization of $17.44 billion and is trading at a relatively high earnings multiple, with a P/E ratio of 31.28 as of the last twelve months leading up to Q1 2024. Despite a slight revenue decline of 3.48% during the same period, the company has managed to maintain a gross profit margin of 28.01%, underscoring its ability to preserve profitability in challenging times.
InvestingPro Tips for Avery Dennison suggest that while the stock trades with low price volatility, it is trading near its 52-week high, reflecting a large price uptick over the last six months. However, potential investors should be aware that the company's short-term obligations exceed its liquid assets, which may warrant closer scrutiny of its short-term financial health.
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