Avery Dennison (NYSE:AVY) Price Target Raised to $191.00

Avery Dennison (NYSE:AVY) had its target price boosted by Citigroup from $186.00 to $191.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

Several other brokerages have also weighed in on AVY. Bank of America reaffirmed a “buy” rating on shares of Avery Dennison in a research report on Friday, August 14th. Jefferies Financial Group reissued a “hold” rating and issued a $181.00 target price on shares of Avery Dennison in a research report on Monday, September 28th. Truist Financial decreased their target price on shares of Avery Dennison from $209.00 to $208.00 and set a “buy” rating for the company in a research report on Monday, October 12th. JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $190.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Finally, Wall Street Zen downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $201.10.

Avery Dennison Stock Performance

Shares of AVY stock opened at $192.96 on Monday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.16 and a quick ratio of 0.80. Avery Dennison has a fifty-two week low of $152.42 and a fifty-two week high of $199.54. The stock’s 50-day moving average is $174.60 and its two-hundred day moving average is $172.29. The firm has a market cap of $14.62 billion, a P/E ratio of 20.88, a PEG ratio of 2.19 and a beta of 0.77.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Thursday, October 29th. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.10. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $2.37 EPS. Analysts predict that Avery Dennison will post 10.17 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio is currently 43.29%.

Insider Transactions at Avery Dennison

In related news, SVP Nicholas Colisto sold 3,886 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $170.68, for a total value of $663,262.48. Following the transaction, the senior vice president directly owned 7,126 shares in the company, valued at approximately $1,216,265.68. This trade represents a 35.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Avery Dennison during the second quarter valued at approximately $1,052,464,000. Wellington Management Group LLP lifted its position in Avery Dennison by 9.1% in the second quarter. Wellington Management Group LLP now owns 5,788,479 shares of the industrial products company’s stock worth $939,760,000 after purchasing an additional 482,054 shares during the period. Ninety One UK Ltd bought a new position in Avery Dennison in the third quarter worth $341,344,000. Robeco Institutional Asset Management B.V. lifted its position in Avery Dennison by 2,376.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 984,976 shares of the industrial products company’s stock worth $168,106,000 after purchasing an additional 945,195 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Avery Dennison by 1.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 956,886 shares of the industrial products company’s stock worth $155,350,000 after buying an additional 17,769 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Company Profile

Avery Dennison Corporation (NYSE: AVY) is a global materials science and manufacturing company that develops and produces labeling, packaging, graphic, and functional materials. Its products are used by businesses across industries including consumer goods, retail, logistics, apparel, automotive, healthcare, and industrial manufacturing.

The company’s offerings include pressure-sensitive labels and label materials, adhesives, industrial and specialty tapes, graphic films, and packaging materials.