Avery Dennison (NYSE:AVY) Price Target Cut to $247.00 by Analysts at BMO Capital Markets

Avery Dennison (NYSE:AVY) had its target price cut by BMO Capital Markets from $252.00 to $247.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

AVY has been the topic of several other research reports. JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $210.00 in a research note on Thursday. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Truist Financial increased their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Citigroup dropped their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Finally, Barclays initiated coverage on Avery Dennison in a research note on Monday, October 7th. They set an “overweight” rating and a $250.00 target price for the company. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $245.42.

Avery Dennison Stock Performance

AVY opened at $207.16 on Thursday. Avery Dennison has a twelve month low of $165.21 and a twelve month high of $233.48. The stock has a market cap of $16.69 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The business’s 50 day moving average is $216.73 and its 200-day moving average is $218.44. 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 announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share 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 the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.10 EPS. On average, analysts predict that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The trade was a 0.00 % 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. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction on 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 owns 304,114 shares in the company, valued at approximately $66,333,345.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,108 shares of company stock valued at $12,545,087. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Red Door Wealth Management LLC bought a new stake in shares of Avery Dennison during the 1st quarter worth about $207,000. Congress Wealth Management LLC DE boosted its position in Avery Dennison by 2.4% during the first quarter. Congress Wealth Management LLC DE now owns 70,618 shares of the industrial products company’s stock worth $15,766,000 after purchasing an additional 1,654 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Avery Dennison by 0.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 191,830 shares of the industrial products company’s stock valued at $42,826,000 after purchasing an additional 1,011 shares during the last quarter. Norden Group LLC raised its position in shares of Avery Dennison by 1,938.6% in the first quarter. Norden Group LLC now owns 82,076 shares of the industrial products company’s stock valued at $18,322,000 after purchasing an additional 78,050 shares during the period. Finally, Taylor Frigon Capital Management LLC lifted its stake in shares of Avery Dennison by 0.8% in the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after buying an additional 48 shares during the last quarter. 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.