Avery Dennison (NYSE:AVY) Hits New 12-Month Low – Here’s Why

Avery Dennison Co. (NYSE:AVY) reached a new 52-week low during trading on Monday . The stock traded as low as $185.29 and last traded at $186.05, with a volume of 33673 shares changing hands. The stock had previously closed at $188.51.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Barclays cut their price target on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, Citigroup decreased their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Avery Dennison Price Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The company has a fifty day moving average price of $199.89 and a 200 day moving average price of $211.04. The company has a market capitalization of $15.04 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 1.52 and a beta of 0.87.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.20 billion. During the same period in the prior year, the business 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 forecast that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

Insiders Place Their Bets

In other Avery Dennison 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 transaction of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. The trade was a 34.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock valued at $459,621,000 after acquiring an additional 157,754 shares in the last quarter. Victory Capital Management Inc. grew its position in Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after purchasing an additional 90,250 shares in the last quarter. Meridiem Investment Management Ltd. lifted its position in Avery Dennison by 0.7% in the 3rd quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock worth $175,261,000 after buying an additional 5,756 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Avery Dennison by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after buying an additional 32,467 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Avery Dennison by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company’s stock valued at $154,431,000 after acquiring an additional 3,118 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

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.