StockNews.com Lowers Avery Dennison (NYSE:AVY) to Hold

Avery Dennison (NYSE:AVY) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other research analysts have also commented on the company. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and raised their price target for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Barclays started coverage on shares of Avery Dennison in a research report on Monday, October 7th. They set an “overweight” rating and a $250.00 price target on the stock. Stifel Nicolaus began 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. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Truist Financial lifted their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $245.42.

Avery Dennison Stock Performance

Shares of AVY stock traded down $2.73 during trading hours on Thursday, reaching $204.92. The stock had a trading volume of 827,637 shares, compared to its average volume of 464,216. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. The firm has a 50-day simple moving average of $216.85 and a 200-day simple moving average of $218.53. The firm has a market capitalization of $16.51 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. Avery Dennison has a twelve month low of $165.21 and a twelve month high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.10 earnings per share. As a group, equities analysts forecast that Avery Dennison will post 9.41 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Avery Dennison

Several institutional investors and hedge funds have recently bought and sold shares of the business. Innealta Capital LLC acquired a new stake in shares of Avery Dennison during the second quarter worth approximately $28,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison during the 2nd quarter valued at $42,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Avery Dennison in the 2nd quarter valued at $51,000. Raleigh Capital Management Inc. boosted its holdings in Avery Dennison by 1,400.0% in the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 238 shares in the last quarter. Finally, Palisade Asset Management LLC acquired a new position in Avery Dennison during the first quarter worth $64,000. Hedge funds and other institutional investors 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.