Avery Dennison (NYSE:AVY) Receives “Outperform” Rating from BMO Capital Markets

BMO Capital Markets restated their outperform rating on shares of Avery Dennison (NYSE:AVY) in a report issued on Thursday, Benzinga reports. The firm currently has a $252.00 price target on the industrial products company’s stock, down from their previous price target of $254.00.

Several other analysts have also recently commented on AVY. Robert W. Baird raised their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an outperform rating in a research note on Friday, June 7th. Citigroup lifted their price objective on Avery Dennison from $230.00 to $241.00 and gave the company a neutral rating in a report on Monday, July 8th. Truist Financial increased their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. UBS Group downgraded Avery Dennison from a buy rating to a neutral rating and decreased their price target for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Finally, Stifel Nicolaus initiated coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a buy rating and a $274.60 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $242.36.

Avery Dennison Trading Down 1.9 %

NYSE:AVY opened at $211.58 on Thursday. Avery Dennison has a 1 year low of $165.21 and a 1 year high of $233.48. The stock has a market cap of $17.04 billion, a P/E ratio of 30.89, a P/E/G ratio of 1.81 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. The stock has a 50-day simple moving average of $215.56 and a 200-day simple moving average of $218.86.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.92 earnings per share. As a group, analysts anticipate that Avery Dennison will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.66%. Avery Dennison’s payout ratio is presently 51.39%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. The disclosure for this sale can be found here. Insiders have sold a total of 59,108 shares of company stock valued at $12,545,087 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. raised its stake in Avery Dennison by 2.1% during the second quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock worth $290,050,000 after acquiring an additional 27,771 shares in the last quarter. Boston Partners increased its position in shares of Avery Dennison by 3.6% during the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after purchasing an additional 35,538 shares in the last quarter. Norges Bank bought a new position in Avery Dennison during the 4th quarter valued at about $185,292,000. Dimensional Fund Advisors LP boosted its position in Avery Dennison by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after buying an additional 32,467 shares in the last quarter. Finally, Veritas Investment Partners UK Ltd. grew its stake in Avery Dennison by 15.5% during the fourth quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock worth $153,804,000 after buying an additional 102,000 shares during the last quarter. Institutional investors and hedge funds 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.