Avery Dennison (NYSE:AVY) Receives New Coverage from Analysts at Barclays

by · The Markets Daily

Barclays initiated coverage on shares of Avery Dennison (NYSE:AVY – Free Report) in a research report released on Monday, MarketBeat Ratings reports. The firm issued an overweight rating and a $250.00 price target on the industrial products company’s stock.

AVY has been the subject of several other research reports. Truist Financial increased their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a buy rating in a report on Wednesday, July 24th. BMO Capital Markets reiterated an outperform rating and issued a $252.00 price target (down previously from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Stifel Nicolaus initiated coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They set a buy rating and a $274.60 price objective on the stock. Citigroup dropped their target price on shares of Avery Dennison from $241.00 to $240.00 and set a neutral rating on the stock in a report on Wednesday, October 2nd. Finally, UBS Group cut Avery Dennison from a buy rating to a neutral rating and reduced their price target for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $242.96.

Get Our Latest Analysis on Avery Dennison

Avery Dennison Stock Up 0.5 %

Avery Dennison stock opened at $215.62 on Monday. The company has a fifty day simple moving average of $215.36 and a 200 day simple moving average of $218.98. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. Avery Dennison has a 1-year low of $165.21 and a 1-year high of $233.48. The company has a market cap of $17.37 billion, a P/E ratio of 31.48, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88.

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

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.63%. Avery Dennison’s payout ratio is presently 51.39%.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the 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 owns 304,114 shares in the company, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total transaction of $2,142,100.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,144,259.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is owned by company insiders.

Institutional Trading of Avery Dennison

Institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB acquired a new position in Avery Dennison during the first quarter valued at approximately $102,117,000. Jennison Associates LLC acquired a new position in shares of Avery Dennison during the 1st quarter worth $44,837,000. Schroder Investment Management Group lifted its position in shares of Avery Dennison by 2,707.5% during the 4th quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock worth $39,939,000 after buying an additional 190,525 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Avery Dennison by 31.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 645,721 shares of the industrial products company’s stock valued at $130,539,000 after buying an additional 156,189 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after acquiring an additional 142,348 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

About Avery Dennison

(Get Free Report)

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.

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