Avery Dennison (NYSE:AVY) Reaches New 52-Week High on Better-Than-Expected Earnings

Shares of Avery Dennison Corporation (NYSE:AVY) hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $192.92 and last traded at $192.0210, with a volume of 40954 shares changing hands. The stock had previously closed at $186.82.

The industrial products company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.04. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.29 billion. Avery Dennison had a net margin of 7.93% and a return on equity of 33.67%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm earned $2.38 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVY. Weiss Ratings reissued a “hold (c)” rating on shares of Avery Dennison in a report on Monday, December 29th. Citigroup upped their price objective on shares of Avery Dennison from $180.00 to $188.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. upgraded shares of Avery Dennison from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $182.00 to $195.00 in a research note on Thursday, October 23rd. Truist Financial increased their price target on Avery Dennison from $213.00 to $234.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $210.00 price target on shares of Avery Dennison in a report on Thursday, October 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Avery Dennison has a consensus rating of “Moderate Buy” and an average target price of $204.36.

Institutional Investors Weigh In On Avery Dennison

A number of institutional investors and hedge funds have recently modified their holdings of AVY. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Avery Dennison in the 3rd quarter valued at $29,000. Vermillion & White Wealth Management Group LLC boosted its holdings in Avery Dennison by 89.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 169 shares of the industrial products company’s stock worth $30,000 after buying an additional 80 shares during the last quarter. Bartlett & CO. Wealth Management LLC grew its position in shares of Avery Dennison by 16,900.0% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 170 shares of the industrial products company’s stock worth $31,000 after buying an additional 169 shares during the period. NewSquare Capital LLC increased its stake in shares of Avery Dennison by 156.2% in the 2nd quarter. NewSquare Capital LLC now owns 187 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 114 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Avery Dennison in the 2nd quarter valued at approximately $35,000. 94.17% of the stock is owned by institutional investors.

Avery Dennison Stock Up 1.8%

The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 1.45. The firm has a market cap of $14.70 billion, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 3.14 and a beta of 1.00. The firm’s 50 day moving average is $182.20 and its two-hundred day moving average is $174.10.

About Avery Dennison

Avery Dennison (NYSE:AVY) is a global materials science and manufacturing company specializing in labeling and packaging solutions. The company develops pressure-sensitive materials, tags and labels, and adhesive technologies that help brands and businesses enhance product identification, branding and supply-chain performance. Avery Dennison’s offerings range from industrial and retail labeling to high-performance tapes, films and graphics materials used across multiple end markets.

The company operates through several key segments, including Label and Graphic Materials, which supplies pressure-sensitive materials for consumer goods; Retail Branding and Information Solutions, offering apparel tags, RFID inlays and digital product identification; Pressure-Sensitive Materials, providing specialty tapes and adhesives; and RF Technologies, focused on advanced RFID and IoT labeling solutions.