Avery Dennison (NYSE:AVY) PT Lowered to $240.00 at Citigroup

Avery Dennison (NYSE:AVY) had its price objective reduced by analysts at Citigroup from $241.00 to $240.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 10.58% from the stock’s previous close.

AVY has been the subject of several other reports. Robert W. Baird increased their price target on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price target for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Truist Financial boosted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BMO Capital Markets reiterated an “outperform” rating and set a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. Finally, Stifel Nicolaus started coverage on Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $242.26.

Avery Dennison Trading Down 1.3 %

Shares of NYSE:AVY traded down $2.78 during mid-day trading on Wednesday, reaching $217.04. The stock had a trading volume of 125,758 shares, compared to its average volume of 461,509. The firm has a 50 day simple moving average of $215.24 and a two-hundred day simple moving average of $219.04. Avery Dennison has a twelve month low of $165.21 and a twelve month high of $233.48. The firm has a market cap of $17.48 billion, a PE ratio of 31.65, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

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

Insider Activity at Avery Dennison

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

Hedge Funds Weigh In On Avery Dennison

Several institutional investors and hedge funds have recently modified their holdings of AVY. Swedbank AB acquired a new stake in Avery Dennison during the first quarter worth approximately $102,117,000. Jennison Associates LLC acquired a new position in shares of Avery Dennison in the first quarter valued at about $44,837,000. Schroder Investment Management Group grew its stake in shares of Avery Dennison by 2,707.5% in the fourth quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock valued at $39,939,000 after acquiring an additional 190,525 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Avery Dennison by 31.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 645,721 shares of the industrial products company’s stock valued at $130,539,000 after purchasing an additional 156,189 shares during the period. Finally, National Bank of Canada FI grew its position in Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after buying an additional 142,348 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

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.