Zacks Investment Research upgraded shares of Avery Dennison (NYSE:AVY) from a hold rating to a buy rating in a report released on Monday, January 8th. The brokerage 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. “
Other equities analysts also recently issued research reports about the company. Loop Capital upped their target price on Avery Dennison from $99.00 to $106.00 and gave the company a hold rating in a report on Thursday, October 26th. KeyCorp reiterated a hold rating on shares of Avery Dennison in a report on Friday, September 22nd. JPMorgan Chase & Co. downgraded Avery Dennison from an overweight rating to a neutral rating in a report on Thursday, October 26th. Barclays boosted their price target on Avery Dennison from $105.00 to $120.00 and gave the company an overweight rating in a research note on Monday, October 30th. Finally, Robert W. Baird reissued a buy rating and issued a $115.00 price target on shares of Avery Dennison in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $120.75.
Shares of Avery Dennison (NYSE:AVY) opened at $117.63 on Monday. Avery Dennison has a 1-year low of $78.17 and a 1-year high of $123.67. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.13 and a quick ratio of 0.82. The firm has a market cap of $10,596.06, a PE ratio of 37.58, a price-to-earnings-growth ratio of 2.94 and a beta of 1.20.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.08. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.70 billion. Avery Dennison had a net margin of 4.26% and a return on equity of 42.26%. Avery Dennison’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.99 EPS. equities research analysts anticipate that Avery Dennison will post 5.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Wednesday, March 7th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, March 6th. This represents a $1.80 dividend on an annualized basis and a yield of 1.53%. Avery Dennison’s payout ratio is currently 57.51%.
In related news, Director Peter K. Barker sold 2,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $114.76, for a total value of $229,520.00. Following the completion of the transaction, the director now directly owns 26,703 shares in the company, valued at $3,064,436.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Deon Stander sold 6,400 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $107.64, for a total value of $688,896.00. Following the completion of the transaction, the vice president now owns 9,426 shares of the company’s stock, valued at $1,014,614.64. The disclosure for this sale can be found here. Insiders have sold 26,255 shares of company stock valued at $2,877,388 in the last ninety days. Company insiders own 1.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Acrospire Investment Management LLC acquired a new position in Avery Dennison during the second quarter worth $129,000. Captrust Financial Advisors acquired a new position in Avery Dennison during the second quarter worth $130,000. Pacad Investment Ltd. acquired a new position in Avery Dennison during the second quarter worth $141,000. West Oak Capital LLC raised its stake in Avery Dennison by 114.3% during the fourth quarter. West Oak Capital LLC now owns 1,500 shares of the industrial products company’s stock worth $172,000 after acquiring an additional 800 shares in the last quarter. Finally, Conning Inc. acquired a new position in Avery Dennison during the third quarter worth $200,000. Hedge funds and other institutional investors own 85.48% of the company’s stock.
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Avery Dennison Company Profile
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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