Citigroup Lowers Avery Dennison (NYSE:AVY) Price Target to $240.00

Avery Dennison (NYSE:AVY) had its target price cut by Citigroup from $241.00 to $240.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the stock. UBS Group downgraded shares of Avery Dennison from a buy rating to a neutral rating and reduced their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Stifel Nicolaus began coverage on shares of Avery Dennison in a research report on Tuesday, July 9th. They set a buy rating and a $274.60 target price for the company. Robert W. Baird increased their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an outperform rating in a research report on Friday, June 7th. BMO Capital Markets reissued an outperform rating and set a $252.00 target price (down from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. Finally, Truist Financial increased their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a buy rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $242.26.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $214.59 on Wednesday. The firm has a market cap of $17.29 billion, a PE ratio of 31.33, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The firm’s fifty day moving average is $215.36 and its 200-day moving average is $219.01.

Avery Dennison (NYSE:AVY) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.16. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the previous year, the business earned $1.92 earnings per share. Avery Dennison’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts predict that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s payout ratio is currently 51.39%.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $64,745,870.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock worth $12,545,087. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Taylor Frigon Capital Management LLC raised its stake in shares of Avery Dennison by 0.8% in the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock valued at $1,426,000 after acquiring an additional 48 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Avery Dennison by 3.3% in the 2nd quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock valued at $341,000 after buying an additional 50 shares in the last quarter. Bailard Inc. boosted its holdings in shares of Avery Dennison by 0.5% in the 2nd quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock valued at $2,668,000 after buying an additional 61 shares in the last quarter. Czech National Bank boosted its holdings in shares of Avery Dennison by 0.5% in the 1st quarter. Czech National Bank now owns 14,169 shares of the industrial products company’s stock valued at $3,163,000 after buying an additional 64 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its holdings in shares of Avery Dennison by 1.0% in the 1st quarter. Gulf International Bank UK Ltd now owns 6,646 shares of the industrial products company’s stock valued at $1,483,000 after buying an additional 64 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Company Profile

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.