Avery Dennison (NYSE:AVY) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Avery Dennison (NYSE:AVY) from an underperform rating to a buy rating in a report released on Thursday morning, Marketbeat.com reports. The brokerage currently has $250.00 price objective on the industrial products company’s stock, up from their prior price objective of $207.00.

A number of other equities research analysts also recently issued reports on the company. BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 price objective (down previously from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. Citigroup lowered their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Truist Financial boosted their price objective on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Finally, Stifel Nicolaus assumed coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target for the company. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and an average price target of $246.78.

Avery Dennison Stock Performance

Shares of AVY stock opened at $218.38 on Thursday. Avery Dennison has a 12 month low of $165.21 and a 12 month high of $233.48. The stock has a market capitalization of $17.59 billion, a P/E ratio of 31.88, a PEG ratio of 1.78 and a beta of 0.88. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The firm’s 50 day moving average is $216.61 and its 200 day moving average is $218.82.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data 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 company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company posted $1.92 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s payout ratio is presently 51.39%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’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 directly owns 304,114 shares in the company, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $65,004,367.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock worth $12,545,087 over the last three months. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

A number of large investors have recently made changes to their positions in the business. Innealta Capital LLC bought a new position in shares of Avery Dennison during the second quarter valued at approximately $28,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Avery Dennison during the 2nd quarter valued at about $42,000. 1620 Investment Advisors Inc. purchased a new position in shares of Avery Dennison during the second quarter valued at about $51,000. Palisade Asset Management LLC bought a new position in Avery Dennison in the first quarter worth about $64,000. Finally, Versant Capital Management Inc lifted its holdings in Avery Dennison by 936.7% in the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after buying an additional 281 shares during the period. 94.17% of the stock is currently owned by 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.