Avery Dennison (NYSE:AVY) Cut to Sell at ValuEngine

Avery Dennison (NYSE:AVY) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, ValuEngine reports.

Other equities analysts also recently issued reports about the stock. Berenberg Bank began coverage on shares of Avery Dennison in a research note on Thursday, August 15th. They issued a “buy” rating and a $130.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $105.00 to $111.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. Citigroup raised their price target on shares of Avery Dennison from $130.00 to $132.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Bank of America lowered shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 price target for the company. in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $121.23.

NYSE AVY traded down $0.69 during trading hours on Wednesday, reaching $113.00. 519,126 shares of the company’s stock were exchanged, compared to its average volume of 594,781. The stock has a market cap of $9.56 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 2.09 and a beta of 1.33. Avery Dennison has a one year low of $82.89 and a one year high of $120.65. The firm has a fifty day moving average of $113.60 and a 200-day moving average of $111.30. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 1.41.

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

In related news, Director Anthony Anderson sold 2,150 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $114.54, for a total value of $246,261.00. Following the transaction, the director now directly owns 2,862 shares in the company, valued at $327,813.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Lori J. Bondar sold 4,213 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $114.63, for a total transaction of $482,936.19. Following the completion of the transaction, the chief accounting officer now directly owns 21,641 shares in the company, valued at $2,480,707.83. The disclosure for this sale can be found here. Insiders have sold a total of 81,490 shares of company stock valued at $9,443,801 over the last three months. Company insiders own 1.30% of the company’s stock.

Several institutional investors have recently modified their holdings of the business. Icon Wealth Partners LLC acquired a new position in Avery Dennison in the first quarter valued at about $36,000. TRUE Private Wealth Advisors bought a new stake in shares of Avery Dennison in the 2nd quarter valued at about $40,000. Amica Retiree Medical Trust bought a new stake in shares of Avery Dennison in the 2nd quarter valued at about $44,000. CSat Investment Advisory L.P. increased its stake in shares of Avery Dennison by 57.3% in the 2nd quarter. CSat Investment Advisory L.P. now owns 461 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 168 shares during the last quarter. Finally, Kavar Capital Partners LLC acquired a new stake in shares of Avery Dennison in the 2nd quarter valued at approximately $55,000. Institutional investors own 88.66% of the company’s stock.

About Avery Dennison

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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