Raymond James Reaffirms Outperform Rating for Avery Dennison (NYSE:AVY)

Avery Dennison (NYSE:AVY)‘s stock had its “outperform” rating reissued by analysts at Raymond James in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $240.00 price objective on the industrial products company’s stock, up from their previous price objective of $225.00. Raymond James’ target price points to a potential upside of 11.60% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Citigroup raised their price target on Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. UBS Group raised their price target on Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. JPMorgan Chase & Co. lifted their target price on Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Bank of America cut Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price on the stock. in a research report on Tuesday, January 2nd. Finally, Truist Financial reiterated a “buy” rating and issued a $249.00 target price on shares of Avery Dennison in a research report on Friday, January 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.40.

Avery Dennison Stock Performance

Shares of AVY traded up $2.64 during midday trading on Thursday, reaching $215.06. 233,739 shares of the stock were exchanged, compared to its average volume of 438,456. Avery Dennison has a twelve month low of $158.93 and a twelve month high of $225.26. The company has a quick ratio of 0.69, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. The company has a market cap of $17.32 billion, a P/E ratio of 34.70, a PEG ratio of 3.26 and a beta of 0.90. The stock’s 50 day simple moving average is $215.34 and its 200 day simple moving average is $200.01.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter last year, the firm earned $1.65 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts expect that Avery Dennison will post 9.26 earnings per share for the current year.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Avery Dennison news, Director Julia A. Stewart sold 5,311 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the transaction, the director now owns 5,018 shares in the company, valued at approximately $1,014,940.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the completion of the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at approximately $69,878,414.32. The disclosure for this sale can be found here. Insiders sold a total of 19,879 shares of company stock worth $4,217,705 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Avery Dennison during the 4th quarter valued at $2,715,000. Mutual of America Capital Management LLC lifted its position in shares of Avery Dennison by 133.4% during the 4th quarter. Mutual of America Capital Management LLC now owns 26,318 shares of the industrial products company’s stock valued at $5,320,000 after buying an additional 15,040 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Avery Dennison by 4,159.9% during the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after buying an additional 1,163,264 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Avery Dennison by 192.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 10,713 shares of the industrial products company’s stock valued at $2,166,000 after buying an additional 7,047 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Avery Dennison by 736.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 142,766 shares of the industrial products company’s stock valued at $26,080,000 after buying an additional 125,691 shares during the last quarter. Hedge funds and other institutional investors 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.