Brokerages Set Avery Dennison Co. (NYSE:AVY) Target Price at $244.96

Shares of Avery Dennison Co. (NYSE:AVY) have been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $244.96.

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $230.00 to $210.00 in a report on Thursday, October 24th. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Citigroup reduced their price target 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. Finally, Barclays lowered their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, October 28th.

Avery Dennison Trading Up 0.4 %

AVY opened at $205.89 on Wednesday. The firm has a 50 day simple moving average of $209.80 and a 200 day simple moving average of $216.12. Avery Dennison has a fifty-two week low of $190.04 and a fifty-two week high of $233.48. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 24.72, a price-to-earnings-growth ratio of 1.58 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62.

Avery Dennison (NYSE:AVY) last issued its 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. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the company posted $2.10 EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Avery Dennison will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is 42.26%.

Insider Activity

In other news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the sale, the senior vice president now directly owns 7,126 shares in the company, valued at $1,467,956. This trade represents a 34.05 % 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. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new position in shares of Avery Dennison in the 2nd quarter valued at about $28,000. Larson Financial Group LLC increased its position in shares of Avery Dennison by 100.0% during the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 71 shares during the last quarter. Kennebec Savings Bank bought a new stake in shares of Avery Dennison during the 3rd quarter worth approximately $36,000. Peterson Financial Group Inc. acquired a new stake in shares of Avery Dennison in the 3rd quarter valued at approximately $39,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison in the second quarter valued at $42,000. 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.