Avery Dennison (NYSE:AVY) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. cut shares of Avery Dennison (NYSE:AVY) from an overweight rating to a neutral rating in a research note issued to investors on Thursday, Marketbeat reports. They currently have $210.00 price target on the industrial products company’s stock, down from their prior price target of $230.00.

Several other analysts have also recently issued reports on AVY. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. Truist Financial boosted their target price on 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 reaffirmed an “outperform” rating and set a $252.00 price target (down from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Barclays initiated coverage on shares of Avery Dennison in a research note on Monday, October 7th. They issued an “overweight” rating and a $250.00 price objective for the company. Finally, Stifel Nicolaus assumed coverage on Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target for the company. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.42.

Avery Dennison Stock Performance

Shares of AVY opened at $204.92 on Thursday. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock has a market cap of $16.51 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 1.78 and a beta of 0.88. The business has a 50-day simple moving average of $216.85 and a two-hundred day simple moving average of $218.53.

Avery Dennison (NYSE:AVY) last released 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. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.10 earnings per share. On average, analysts expect that Avery Dennison will post 9.41 EPS for the current year.

Insider Activity

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 completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $64,745,870.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,108 shares of company stock worth $12,545,087. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in Avery Dennison by 2.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock valued at $290,050,000 after acquiring an additional 27,771 shares during the last quarter. Boston Partners grew its position in shares of Avery Dennison by 3.6% in the first quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock valued at $227,660,000 after purchasing an additional 35,538 shares in the last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock valued at $175,261,000 after purchasing an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock worth $172,254,000 after buying an additional 32,467 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Avery Dennison by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock worth $141,297,000 after buying an additional 17,158 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.