BMO Capital Markets Reiterates “Outperform” Rating for Avery Dennison (NYSE:AVY)

Avery Dennison (NYSE:AVY)‘s stock had its “outperform” rating reissued by analysts at BMO Capital Markets in a research report issued on Thursday, Benzinga reports. They presently have a $252.00 price objective on the industrial products company’s stock, down from their prior price objective of $254.00. BMO Capital Markets’ price objective would indicate a potential upside of 18.19% from the company’s current price.

Several other equities research analysts have also commented on the stock. Robert W. Baird increased their price objective on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target for the company. Truist Financial lifted their price target on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Citigroup upped their price objective on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Finally, UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $239.78.

Avery Dennison Stock Up 1.8 %

Shares of AVY stock traded up $3.85 during trading hours on Thursday, reaching $213.21. The company had a trading volume of 81,924 shares, compared to its average volume of 446,073. The business has a fifty day simple moving average of $215.79 and a 200-day simple moving average of $218.86. Avery Dennison has a 12 month low of $165.21 and a 12 month high of $233.48. The company has a market cap of $17.17 billion, a price-to-earnings ratio of 31.10, a price-to-earnings-growth ratio of 1.81 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.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same period last year, the business earned $1.92 EPS. The business’s revenue was up 6.9% on a year-over-year basis. On average, research analysts expect that Avery Dennison will post 9.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at approximately $66,333,345.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,108 shares of company stock valued at $12,545,087. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVY. Sanctuary Advisors LLC bought a new position in shares of Avery Dennison during the second quarter valued at about $2,710,000. Brown Financial Advisors bought a new position in Avery Dennison during the 2nd quarter worth approximately $851,000. EP Wealth Advisors LLC increased its stake in Avery Dennison by 21.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,134 shares of the industrial products company’s stock worth $248,000 after purchasing an additional 201 shares during the period. Quarry LP lifted its position in Avery Dennison by 1,814.3% in the second quarter. Quarry LP now owns 536 shares of the industrial products company’s stock valued at $117,000 after purchasing an additional 508 shares during the last quarter. Finally, Coastal Bridge Advisors LLC purchased a new stake in shares of Avery Dennison during the second quarter valued at approximately $269,000. 94.17% of the stock is currently 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.