Avery Dennison (NYSE:AVY) Given New $220.00 Price Target at Bank of America

Avery Dennison (NYSE:AVY) had its target price decreased by Bank of America from $238.00 to $220.00 in a research report sent to investors on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

AVY has been the topic of several other research reports. StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Citigroup cut their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Barclays cut their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. BMO Capital Markets cut their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Truist Financial cut their price objective on Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a report on Monday. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $237.60.

Avery Dennison Price Performance

Shares of AVY opened at $187.67 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison has a 1 year low of $181.99 and a 1 year high of $233.48. The stock has a market cap of $15.08 billion, a P/E ratio of 22.53, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. The stock’s 50-day moving average price is $197.43 and its two-hundred day moving average price is $209.45.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the business earned $2.10 earnings per share. The company’s revenue was up 4.1% compared to the same quarter last year. On average, equities analysts predict that Avery Dennison will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Wednesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is 42.26%.

Insiders Place Their Bets

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the transaction, the senior vice president now owns 7,126 shares of the company’s stock, valued at $1,467,956. The trade was a 34.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock worth $459,621,000 after purchasing an additional 157,754 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Avery Dennison by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after acquiring an additional 90,250 shares during the last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Avery Dennison by 0.7% during the 3rd quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock worth $175,261,000 after acquiring an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Avery Dennison by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock worth $172,254,000 after acquiring an additional 32,467 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Avery Dennison by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company’s stock worth $154,431,000 after acquiring an additional 3,118 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

About Avery Dennison

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.