Avery Dennison (NYSE:AVY) Coverage Initiated by Analysts at Berenberg Bank

Berenberg Bank began coverage on shares of Avery Dennison (NYSE:AVY) in a research report released on Thursday, BenzingaRatingsTable reports. The firm issued a buy rating and a $130.00 price target on the industrial products company’s stock.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. boosted their target price on Avery Dennison from $105.00 to $111.00 and gave the stock an underweight rating in a report on Wednesday, July 24th. Citigroup boosted their target price on Avery Dennison from $130.00 to $132.00 and gave the stock a buy rating in a report on Thursday, July 11th. KeyCorp restated a hold rating on shares of Avery Dennison in a report on Wednesday, April 24th. Finally, Bank of America cut Avery Dennison from a buy rating to a neutral rating and set a $115.06 target price on the stock. in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $121.23.

Shares of Avery Dennison stock opened at $113.98 on Thursday. The stock has a market cap of $9.40 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.06 and a beta of 1.32. The stock’s 50 day simple moving average is $114.72 and its 200-day simple moving average is $110.15. Avery Dennison has a 1-year low of $82.89 and a 1-year high of $120.65. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.04 and a quick ratio of 0.75.

Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.04. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Avery Dennison had a return on equity of 52.67% and a net margin of 3.44%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.66 EPS. As a group, research analysts expect that Avery Dennison will post 6.57 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Tuesday, September 3rd. Avery Dennison’s dividend payout ratio is currently 38.28%.

In other news, insider Georges Gravanis sold 2,500 shares of Avery Dennison stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $116.88, for a total transaction of $292,200.00. Following the sale, the insider now owns 13,637 shares of the company’s stock, valued at approximately $1,593,892.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Lori J. Bondar sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $111.50, for a total transaction of $557,500.00. Following the sale, the vice president now directly owns 22,428 shares in the company, valued at approximately $2,500,722. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,252 shares of company stock worth $8,721,924. Insiders own 1.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in AVY. Victory Capital Management Inc. raised its position in shares of Avery Dennison by 81,204.8% during the 1st quarter. Victory Capital Management Inc. now owns 1,048,832 shares of the industrial products company’s stock valued at $118,518,000 after buying an additional 1,047,542 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Avery Dennison by 12.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,555,193 shares of the industrial products company’s stock valued at $642,625,000 after buying an additional 626,277 shares during the period. Marshall Wace North America L.P. raised its position in shares of Avery Dennison by 106.4% during the 2nd quarter. Marshall Wace North America L.P. now owns 1,031,090 shares of the industrial products company’s stock valued at $119,277,000 after buying an additional 531,517 shares during the period. Veritas Investment Management LLP purchased a new stake in shares of Avery Dennison during the 1st quarter valued at approximately $50,842,000. Finally, Neuberger Berman Group LLC raised its position in shares of Avery Dennison by 88.9% during the 1st quarter. Neuberger Berman Group LLC now owns 899,365 shares of the industrial products company’s stock valued at $101,628,000 after buying an additional 423,328 shares during the period. 88.29% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Company Profile

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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