Zacks Investment Research upgraded shares of Avery Dennison (NYSE:AVY) from a hold rating to a buy rating in a research report sent to investors on Monday morning. Zacks Investment Research currently has $132.00 price objective on the industrial products company’s stock.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 for fiscal 2017. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. Its estimates have gone up lately. The company has a positive record of earnings surprises in the last few quarters. “
Several other research analysts have also recently weighed in on AVY. Loop Capital assumed coverage on Avery Dennison in a research note on Thursday, September 28th. They set a hold rating and a $99.00 target price for the company. KeyCorp reaffirmed a hold rating on shares of Avery Dennison in a research note on Monday, October 30th. Robert W. Baird reaffirmed a buy rating and set a $115.00 target price on shares of Avery Dennison in a research note on Friday, October 27th. JPMorgan Chase & Co. downgraded Avery Dennison from an overweight rating to a neutral rating in a report on Thursday, October 26th. Finally, Barclays upped their target price on Avery Dennison from $105.00 to $120.00 and gave the company an overweight rating in a report on Monday, October 30th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Avery Dennison has an average rating of Buy and an average target price of $112.83.
Shares of Avery Dennison (AVY) traded down $0.32 during mid-day trading on Monday, reaching $118.59. The company had a trading volume of 347,600 shares, compared to its average volume of 501,029. Avery Dennison has a fifty-two week low of $71.39 and a fifty-two week high of $119.29. The company has a market capitalization of $10,490.00, a PE ratio of 26.47, a P/E/G ratio of 3.09 and a beta of 1.24. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82.
Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business posted $1.01 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. sell-side analysts expect that Avery Dennison will post 4.93 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Tuesday, December 5th. Avery Dennison’s dividend payout ratio is 40.18%.
In other news, insider Dean A. Scarborough sold 20,000 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $105.00, for a total transaction of $2,100,000.00. Following the completion of the sale, the insider now directly owns 94,042 shares of the company’s stock, valued at $9,874,410. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Dean A. Scarborough sold 10,000 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $104.54, for a total value of $1,045,400.00. Following the completion of the sale, the chairman now directly owns 94,042 shares of the company’s stock, valued at $9,831,150.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,604 shares of company stock valued at $16,475,271. 1.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. National Asset Management Inc. lifted its stake in Avery Dennison by 0.3% in the 2nd quarter. National Asset Management Inc. now owns 4,151 shares of the industrial products company’s stock worth $369,000 after acquiring an additional 12 shares in the last quarter. Veritable L.P. raised its stake in shares of Avery Dennison by 0.6% during the 2nd quarter. Veritable L.P. now owns 2,777 shares of the industrial products company’s stock worth $245,000 after purchasing an additional 16 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in shares of Avery Dennison by 0.9% during the 2nd quarter. Thrivent Financial For Lutherans now owns 4,640 shares of the industrial products company’s stock worth $413,000 after purchasing an additional 40 shares in the last quarter. Global Financial Private Capital LLC raised its stake in shares of Avery Dennison by 8.2% during the 2nd quarter. Global Financial Private Capital LLC now owns 4,546 shares of the industrial products company’s stock worth $402,000 after purchasing an additional 343 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Avery Dennison by 19.7% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 2,843 shares of the industrial products company’s stock worth $280,000 after purchasing an additional 468 shares in the last quarter. 84.82% of the stock is owned by hedge funds and other institutional investors.
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About Avery Dennison
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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