Avery Dennison (NYSE:AVY) Price Target Raised to $122.00

Avery Dennison (NYSE:AVY) had its target price increased by BMO Capital Markets from $114.00 to $122.00 in a report published on Tuesday morning, The Fly reports. BMO Capital Markets currently has a market perform rating on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the company. UBS Group raised their price objective on Avery Dennison from $126.00 to $128.00 and gave the company a buy rating in a research report on Thursday, April 30th. Robert W. Baird raised their price objective on Avery Dennison from $120.00 to $130.00 in a research report on Wednesday, June 10th. Morgan Stanley raised their price objective on Avery Dennison from $105.00 to $112.00 and gave the company an equal weight rating in a research report on Tuesday. KeyCorp reaffirmed a hold rating on shares of Avery Dennison in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. raised Avery Dennison from an underweight rating to a neutral rating and raised their price objective for the company from $110.00 to $115.00 in a research report on Tuesday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $126.17.

Shares of Avery Dennison stock opened at $113.38 on Tuesday. The firm has a market cap of $9.61 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.77 and a beta of 1.18. The company has a current ratio of 1.22, a quick ratio of 0.86 and a debt-to-equity ratio of 1.65. Avery Dennison has a 12 month low of $76.96 and a 12 month high of $141.09. The stock’s fifty day moving average price is $115.99 and its 200-day moving average price is $116.20.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Monday, July 27th. The industrial products company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.13 by $0.14. Avery Dennison had a return on equity of 45.88% and a net margin of 7.68%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm posted $1.72 earnings per share. The business’s revenue for the quarter was down 14.9% on a year-over-year basis. Analysts forecast that Avery Dennison will post 6.1 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Tuesday, September 1st. Avery Dennison’s dividend payout ratio (DPR) is 35.15%.

In related news, Director Bradley A. Alford sold 4,664 shares of Avery Dennison stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $124.91, for a total transaction of $582,580.24. Following the completion of the sale, the director now owns 24,154 shares of the company’s stock, valued at $3,017,076.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Susan C. Miller sold 6,080 shares of Avery Dennison stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $118.98, for a total value of $723,398.40. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in AVY. Guggenheim Capital LLC lifted its holdings in shares of Avery Dennison by 6.7% during the fourth quarter. Guggenheim Capital LLC now owns 88,767 shares of the industrial products company’s stock worth $11,612,000 after purchasing an additional 5,597 shares during the period. First Republic Investment Management Inc. raised its position in Avery Dennison by 16.8% during the fourth quarter. First Republic Investment Management Inc. now owns 3,120 shares of the industrial products company’s stock valued at $408,000 after acquiring an additional 449 shares in the last quarter. Advisors Asset Management Inc. raised its position in Avery Dennison by 58.7% during the fourth quarter. Advisors Asset Management Inc. now owns 6,004 shares of the industrial products company’s stock valued at $785,000 after acquiring an additional 2,220 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in Avery Dennison by 49.3% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,416 shares of the industrial products company’s stock valued at $954,000 after acquiring an additional 2,450 shares in the last quarter. Finally, Profund Advisors LLC purchased a new position in Avery Dennison during the fourth quarter valued at approximately $213,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Company Profile

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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