Avery Dennison (NYSE:AVY) Given New $220.00 Price Target at Bank of America

Avery Dennison (NYSE:AVY) had its price target decreased by Bank of America from $238.00 to $220.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 16.43% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. BMO Capital Markets dropped their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Barclays dropped their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Truist Financial reduced their target price on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $241.05.

Avery Dennison Price Performance

Shares of AVY traded up $3.87 on Monday, hitting $188.96. The company’s stock had a trading volume of 182,954 shares, compared to its average volume of 570,603. The company has a 50 day moving average price of $198.61 and a 200 day moving average price of $210.27. Avery Dennison has a fifty-two week low of $181.99 and a fifty-two week high of $233.48. The company has a market capitalization of $15.18 billion, a PE ratio of 22.68, a PEG ratio of 1.52 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the prior year, the business earned $2.10 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, research analysts anticipate that Avery Dennison will post 9.42 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock worth $459,621,000 after acquiring an additional 157,754 shares during the last quarter. Victory Capital Management Inc. grew its position in Avery Dennison by 6.8% in the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after purchasing an additional 90,250 shares in the last quarter. World Investment Advisors LLC increased its stake in Avery Dennison by 2,629.0% in the 3rd quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company’s stock valued at $20,278,000 after buying an additional 88,491 shares during the last quarter. Bahl & Gaynor Inc. lifted its position in Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after buying an additional 81,993 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Avery Dennison by 3,517.1% in the 2nd quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock valued at $17,701,000 after acquiring an additional 78,748 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

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.