Avery Dennison (NYSE:AVY) Upgraded by Bank of America to “Buy”

Bank of America upgraded shares of Avery Dennison (NYSE:AVY) from an underperform rating to a buy rating in a research report released on Thursday, Marketbeat.com reports. The brokerage currently has $250.00 price objective on the industrial products company’s stock, up from their previous price objective of $207.00.

A number of other research firms also recently commented on AVY. Truist Financial raised their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Barclays started coverage on shares of Avery Dennison in a research note on Monday, October 7th. They set an “overweight” rating and a $250.00 price target for the company. BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Finally, Stifel Nicolaus began coverage on Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target on the stock. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Avery Dennison has a consensus rating of “Moderate Buy” and an average target price of $246.78.

Avery Dennison Trading Down 0.5 %

Shares of AVY opened at $217.33 on Thursday. The stock’s 50-day moving average price is $216.80 and its 200 day moving average price is $218.77. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $17.51 billion, a price-to-earnings ratio of 31.73, a P/E/G ratio of 1.78 and a beta of 0.88. Avery Dennison has a 12-month low of $165.21 and a 12-month high of $233.48.

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

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s dividend payout ratio is currently 51.39%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total value of $2,137,500.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the 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 sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $61,719,936.30. This represents 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 through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,108 shares of company stock worth $12,545,087. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Avery Dennison in the second quarter valued at about $28,000. Ashton Thomas Private Wealth LLC acquired a new position in Avery Dennison during the 2nd quarter valued at about $42,000. 1620 Investment Advisors Inc. bought a new position in shares of Avery Dennison in the 2nd quarter valued at about $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter worth approximately $64,000. Finally, Versant Capital Management Inc raised its stake in shares of Avery Dennison by 936.7% during the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after buying an additional 281 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

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.