Truist Financial Has Lowered Expectations for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY) had its price objective cut by Truist Financial from $258.00 to $245.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and raised their target price for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Citigroup cut their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, Barclays dropped their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Avery Dennison Stock Performance

Shares of AVY 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 stock has a 50-day moving average price of $198.61 and a 200-day moving average price of $210.15. The company has a market cap of $15.12 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48.

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, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business’s quarterly revenue 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. As a group, equities analysts forecast that Avery Dennison will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a $0.88 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.87%. Avery Dennison’s dividend payout ratio (DPR) is 42.26%.

Insider Activity

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now owns 7,126 shares in the company, valued at approximately $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

Several large investors have recently modified their holdings of the stock. Private Advisor Group LLC raised its holdings in Avery Dennison by 1.8% in the 2nd quarter. Private Advisor Group LLC now owns 12,160 shares of the industrial products company’s stock worth $2,659,000 after acquiring an additional 220 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Avery Dennison by 3,517.1% during the second quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock valued at $17,701,000 after purchasing an additional 78,748 shares in the last quarter. Caprock Group LLC boosted its position in shares of Avery Dennison by 15.9% during the second quarter. Caprock Group LLC now owns 1,176 shares of the industrial products company’s stock valued at $257,000 after buying an additional 161 shares during the last quarter. Varma Mutual Pension Insurance Co bought a new stake in Avery Dennison in the 2nd quarter worth about $9,802,000. Finally, Oak Thistle LLC bought a new position in Avery Dennison during the 2nd quarter valued at about $484,000. 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.