Citigroup Lowers Avery Dennison (NYSE:AVY) Price Target to $240.00

Avery Dennison (NYSE:AVY) had its target price lowered by Citigroup from $241.00 to $240.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

A number of other equities research analysts also recently weighed in on AVY. Truist Financial raised their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a buy rating in a research note on Wednesday, July 24th. Robert W. Baird lifted their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an outperform rating in a research report on Friday, June 7th. BMO Capital Markets reiterated an outperform rating and set a $252.00 target price (down from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. UBS Group downgraded shares of Avery Dennison from a buy rating to a neutral rating and cut their target price for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Finally, Stifel Nicolaus started coverage on shares of Avery Dennison in a research report on Tuesday, July 9th. They set a buy rating and a $274.60 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $242.26.

Avery Dennison Trading Up 0.9 %

AVY opened at $214.59 on Wednesday. The company’s 50 day moving average is $215.36 and its 200-day moving average is $218.98. Avery Dennison has a 1-year low of $165.21 and a 1-year high of $233.48. 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 company has a market cap of $17.29 billion, a P/E ratio of 31.33, a PEG ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last posted 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. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the company posted $1.92 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts predict that Avery Dennison will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently declared 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 1.64%. Avery Dennison’s payout ratio is 51.39%.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The shares were 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 in the company, valued at $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison 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 completion of the sale, the chairman now owns 304,114 shares in the company, valued at $65,004,367.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction 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 sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is currently owned by insiders.

Institutional Trading of Avery Dennison

Hedge funds and other institutional investors have recently bought and sold shares of the business. Innealta Capital LLC bought a new stake in Avery Dennison during the 2nd quarter valued at $28,000. Ashton Thomas Private Wealth LLC bought a new stake in Avery Dennison during the 2nd quarter valued at $42,000. 1620 Investment Advisors Inc. bought a new stake in Avery Dennison during the 2nd quarter valued at $51,000. Palisade Asset Management LLC bought a new stake in Avery Dennison during the 1st quarter valued at $64,000. Finally, Versant Capital Management Inc increased its stake in Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock valued at $68,000 after purchasing an additional 281 shares in the last quarter. 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.