Avery Dennison (NYSE:AVY) Lowered to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Avery Dennison (NYSE:AVY) from an overweight rating to a neutral rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $172.00 price objective on the industrial products company’s stock, down from their prior price objective of $205.00.

A number of other research analysts have also issued reports on the company. Jefferies Financial Group assumed coverage on Avery Dennison in a report on Tuesday. They issued a “hold” rating and a $175.00 target price on the stock. Bank of America dropped their price objective on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Truist Financial cut their price objective on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Tuesday. Barclays lowered their target price on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, UBS Group cut their price target on shares of Avery Dennison from $207.00 to $189.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $210.63.

Avery Dennison Trading Up 2.0 %

AVY opened at $173.62 on Thursday. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. Avery Dennison has a 52 week low of $157.00 and a 52 week high of $233.48. The business’s 50 day moving average is $176.76 and its two-hundred day moving average is $190.10. The firm has a market cap of $13.63 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. On average, research analysts predict that Avery Dennison will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 2.03%. Avery Dennison’s payout ratio is 40.37%.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $186.19, for a total value of $1,502,180.92. Following the sale, the chairman now directly owns 316,300 shares of the company’s stock, valued at approximately $58,891,897. This represents a 2.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Avery Dennison

Institutional investors and hedge funds have recently modified their holdings of the business. Spire Wealth Management raised its position in shares of Avery Dennison by 630.9% during the 1st quarter. Spire Wealth Management now owns 2,200 shares of the industrial products company’s stock worth $392,000 after purchasing an additional 1,899 shares during the last quarter. Wealthquest Corp acquired a new position in shares of Avery Dennison in the first quarter worth $31,544,000. Figure 8 Investment Strategies LLC lifted its position in shares of Avery Dennison by 1.1% in the first quarter. Figure 8 Investment Strategies LLC now owns 7,889 shares of the industrial products company’s stock valued at $1,404,000 after acquiring an additional 83 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Avery Dennison by 11.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 2,953 shares of the industrial products company’s stock valued at $526,000 after acquiring an additional 300 shares in the last quarter. Finally, Manning & Napier Advisors LLC boosted its stake in shares of Avery Dennison by 89.6% during the first quarter. Manning & Napier Advisors LLC now owns 11,272 shares of the industrial products company’s stock valued at $2,006,000 after acquiring an additional 5,326 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.