JPMorgan Chase & Co. Downgrades Avery Dennison (NYSE:AVY) to Neutral

Avery Dennison (NYSE:AVY) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Thursday, Marketbeat Ratings reports. They presently have a $210.00 price objective on the industrial products company’s stock, down from their previous price objective of $230.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 1.33% from the company’s current price.

AVY has been the topic of a number of other reports. Citigroup reduced 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 report on Wednesday, October 2nd. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and raised their price target for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. Stifel Nicolaus began 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. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Barclays initiated coverage on shares of Avery Dennison in a research note on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target on the stock. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $245.42.

Avery Dennison Trading Up 1.1 %

Shares of AVY stock opened at $207.25 on Thursday. The company has a market cap of $16.69 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. 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 stock’s 50 day simple moving average is $216.73 and its two-hundred day simple moving average is $218.45. Avery Dennison has a 1 year low of $165.21 and a 1 year high of $233.48.

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

Insider Activity

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison 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 transaction, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $64,745,870.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,108 shares of company stock worth $12,545,087. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

Institutional investors and hedge funds have recently bought and sold shares of the company. Taylor Frigon Capital Management LLC boosted its position in shares of Avery Dennison by 0.8% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after purchasing an additional 48 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Avery Dennison by 3.3% in the second quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock worth $341,000 after acquiring an additional 50 shares in the last quarter. Procyon Advisors LLC grew its stake in shares of Avery Dennison by 4.0% during the third quarter. Procyon Advisors LLC now owns 1,442 shares of the industrial products company’s stock worth $319,000 after acquiring an additional 56 shares during the last quarter. Bailard Inc. increased its holdings in shares of Avery Dennison by 0.5% during the second quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock valued at $2,668,000 after acquiring an additional 61 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC boosted its stake in Avery Dennison by 4.5% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,479 shares of the industrial products company’s stock worth $327,000 after purchasing an additional 64 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

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.