Avery Dennison (NYSE:AVY) Upgraded by Bank of America to “Buy”

Avery Dennison (NYSE:AVY) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “buy” rating in a report issued on Thursday, FinViz reports. The firm currently has a $250.00 target price on the industrial products company’s stock, up from their previous target price of $207.00. Bank of America‘s price objective suggests a potential upside of 16.33% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Truist Financial increased their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. 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 on the stock. Barclays started coverage on Avery Dennison in a report on Monday, October 7th. They set an “overweight” rating and a $250.00 target price for the company. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. Finally, Citigroup dropped their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.78.

Avery Dennison Trading Down 2.3 %

AVY stock opened at $214.91 on Thursday. Avery Dennison has a one year low of $165.21 and a one year high of $233.48. The company has a market capitalization of $17.31 billion, a PE ratio of 31.37, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The company’s 50 day moving average price is $216.39 and its two-hundred day moving average price is $218.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90.

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

Insider Activity

In related news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock valued at $12,545,087 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Cetera Investment Advisers increased its stake in shares of Avery Dennison by 195.2% in the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock worth $3,988,000 after purchasing an additional 11,811 shares in the last quarter. Natixis lifted its holdings in Avery Dennison by 365.9% in the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after purchasing an additional 3,575 shares in the last quarter. Mediolanum International Funds Ltd bought a new position in Avery Dennison in the 1st quarter worth approximately $2,935,000. SG Americas Securities LLC raised its position in shares of Avery Dennison by 86.5% during the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock valued at $7,114,000 after buying an additional 15,092 shares during the last quarter. Finally, McElhenny Sheffield Capital Management LLC purchased a new position in shares of Avery Dennison in the second quarter worth $543,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Company Profile

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.