Avery Dennison (NYSE:AVY) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Avery Dennison (NYSE:AVY) from a buy rating to a hold rating in a research note released on Sunday morning,Wall Street Zen reports.

Other equities research analysts also recently issued reports about the stock. Citigroup raised their price target on shares of Avery Dennison from $186.00 to $191.00 and gave the company a “neutral” rating in a research note on Monday, November 2nd. Jefferies Financial Group reiterated a “hold” rating and set a $181.00 price objective on shares of Avery Dennison in a research report on Monday, September 28th. UBS Group increased their price objective on shares of Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Truist Financial cut their target price on shares of Avery Dennison from $209.00 to $208.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Finally, Weiss Ratings raised shares of Avery Dennison from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $201.10.

Avery Dennison Price Performance

Shares of AVY stock opened at $189.15 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.16 and a debt-to-equity ratio of 1.33. Avery Dennison has a twelve month low of $152.42 and a twelve month high of $199.54. The company has a market cap of $14.28 billion, a P/E ratio of 20.47, a P/E/G ratio of 2.22 and a beta of 0.77. The business has a fifty day simple moving average of $175.42 and a 200 day simple moving average of $172.35.

Avery Dennison (NYSE:AVY) last released its earnings results on Thursday, October 29th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.10. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.37 earnings per share. On average, sell-side analysts forecast that Avery Dennison will post 10.17 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio (DPR) is presently 43.29%.

Insider Activity

In other news, SVP Nicholas Colisto sold 3,886 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $170.68, for a total value of $663,262.48. Following the completion of the transaction, the senior vice president owned 7,126 shares of the company’s stock, valued at $1,216,265.68. This represents a 35.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andres Alberto Lopez sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $193.80, for a total transaction of $775,200.00. Following the completion of the transaction, the director owned 1,147 shares of the company’s stock, valued at approximately $222,288.60. This trade represents a 77.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE acquired a new stake in shares of Avery Dennison in the second quarter valued at about $142,169,000. QRG Capital Management Inc. lifted its stake in shares of Avery Dennison by 172.3% in the second quarter. QRG Capital Management Inc. now owns 7,301 shares of the industrial products company’s stock worth $1,185,000 after acquiring an additional 4,620 shares during the period. HighTower Advisors LLC lifted its stake in shares of Avery Dennison by 32.9% in the second quarter. HighTower Advisors LLC now owns 68,647 shares of the industrial products company’s stock worth $11,145,000 after acquiring an additional 17,003 shares during the period. NorthCrest Asset Manangement LLC bought a new stake in Avery Dennison in the third quarter valued at approximately $1,563,000. Finally, Corient Private Wealth LP boosted its holdings in Avery Dennison by 91.1% in the second quarter. Corient Private Wealth LP now owns 124,011 shares of the industrial products company’s stock valued at $20,133,000 after acquiring an additional 59,109 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Company Profile

Avery Dennison is a global materials science and digital identification solutions company. Its products include pressure-sensitive labels and adhesives, packaging materials, and graphic films used in applications such as product labeling, vehicle graphics, and building signage. The company also develops technologies that help businesses identify and track products, including RFID inlays and tags, which can support inventory management and supply-chain visibility. Its solutions serve customers across industries such as apparel, food and beverage, logistics, healthcare, and retail.