Citigroup Issues Pessimistic Forecast for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY) had its price objective reduced by Citigroup from $228.00 to $202.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other research firms have also recently weighed in on AVY. Bank of America lowered their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a report on Monday. Truist Financial lowered their target price on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a research note on Monday. Barclays reduced their price target on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Finally, StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison has a consensus rating of “Moderate Buy” and an average price target of $237.60.

Avery Dennison Price Performance

Avery Dennison stock opened at $188.20 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $198.61 and a 200 day moving average price of $210.15. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48. The stock has a market cap of $15.12 billion, a P/E ratio of 22.59, a PEG ratio of 1.52 and a beta of 0.89.

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

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend was Wednesday, December 4th. Avery Dennison’s payout ratio is currently 42.26%.

Insider Buying and Selling

In related news, SVP Nicholas Colisto sold 3,679 shares of the company’s 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 sale, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in shares of Avery Dennison by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after purchasing an additional 90,250 shares during the last quarter. Seven Eight Capital LP purchased a new stake in Avery Dennison during the 2nd quarter worth about $1,271,000. Icon Wealth Advisors LLC boosted its position in shares of Avery Dennison by 553.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company’s stock worth $693,000 after acquiring an additional 2,657 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Avery Dennison by 1.9% in the 2nd quarter. Bank of Montreal Can now owns 250,213 shares of the industrial products company’s stock valued at $57,581,000 after acquiring an additional 4,752 shares during the last quarter. Finally, Unigestion Holding SA acquired a new stake in shares of Avery Dennison during the 3rd quarter worth about $6,701,000. Institutional investors and hedge funds 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.