Avery Dennison’s (AVY) “Outperform” Rating Reiterated at BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of Avery Dennison (NYSE:AVY) in a research note issued to investors on Thursday, Benzinga reports. BMO Capital Markets currently has a $252.00 price target on the industrial products company’s stock, down from their prior price target of $254.00.

Other equities analysts have also issued reports about the stock. Robert W. Baird lifted their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an outperform rating in a report on Friday, June 7th. Truist Financial lifted their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a buy rating in a report on Wednesday, July 24th. UBS Group lowered shares of Avery Dennison from a buy rating to a neutral rating and cut their target price for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Citigroup lifted their target price on shares of Avery Dennison from $230.00 to $241.00 and gave the company a neutral rating in a report on Monday, July 8th. Finally, Stifel Nicolaus started coverage on shares of Avery Dennison in a report on Tuesday, July 9th. They set a buy rating and a $274.60 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $242.36.

Avery Dennison Stock Performance

AVY opened at $211.58 on Thursday. Avery Dennison has a 12-month low of $165.21 and a 12-month high of $233.48. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $17.04 billion, a PE ratio of 30.89, a P/E/G ratio of 1.81 and a beta of 0.88. The firm has a 50 day moving average of $215.56 and a two-hundred day moving average of $218.82.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the firm posted $1.92 EPS. Avery Dennison’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts anticipate that Avery Dennison will post 9.41 EPS for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a dividend of $0.88 per share. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.66%. Avery Dennison’s dividend payout ratio (DPR) is presently 51.39%.

Insiders Place Their Bets

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The disclosure for this sale can be found here. Insiders have sold a total of 59,108 shares of company stock valued at $12,545,087 in the last 90 days. 1.10% of the stock is owned by insiders.

Institutional Trading of Avery Dennison

Several institutional investors and hedge funds have recently bought and sold shares of AVY. Level Four Advisory Services LLC purchased a new stake in Avery Dennison in the 4th quarter valued at about $262,000. Norges Bank purchased a new stake in Avery Dennison in the 4th quarter valued at about $185,292,000. Dynamic Technology Lab Private Ltd purchased a new stake in Avery Dennison in the 4th quarter valued at about $483,000. UBS Group AG raised its holdings in Avery Dennison by 54.1% in the 4th quarter. UBS Group AG now owns 181,418 shares of the industrial products company’s stock valued at $36,675,000 after buying an additional 63,716 shares during the period. Finally, Coldstream Capital Management Inc. increased its stake in Avery Dennison by 50.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 1,900 shares of the industrial products company’s stock worth $384,000 after purchasing an additional 633 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

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.